By Adriano Marchese
Abacus Life shares fell Friday in premarket trading after it said it would offer up to 14.4 million of its shares to raise $100 million to support its business strategy.
Shares traded 4.3% lower at $8.34.
The company said late on Thursday that it has priced its share offering at $8.00 apiece. It will offer an initial 12.5 million shares of its common stock, made up for 10 million shares from the company and 2.5 million shares offered by certain stockholders of the company.
It has also granted its underwriters the option to purchase an additional 1.5 million common shares from the company and 375,000 shares from selling stockholders.
Abacus plans to use the new money primarily for its operations, including the purchase of life settlement policies, to support its overall business strategy, and to fund any acquisitions. It said it would also use the funds for repayment and refinancing of debts.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 22, 2024 07:02 ET (12:02 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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