BUZZ-Abacus Life slides on equity offering

Reuters11-22

BUZZ-Abacus Life slides on equity offering

** Abacus Life Inc's ABL.O shares down 8.7% premarket to $7.95, , lowest since Dec, after overnight follow-on priced

** Orlando, Florida-based alternative asset manager late Thurs announced 12.5 mln shares at $8, an 8.2% discount to last sale

** ABL sold 10 mln shares, while certain existing holders offloaded 2.5 mln shares

** Co intends to use net offering proceeds it receives to purchase life settlement policies, fund growth and for working capital, and may use some to fund acquisitions or repay debt

** Piper Sandler, TD Secs, KKR Capital Markets KKR.N, B. Riley and SG Americas are jt bookrunners

** With ~74.4 mln shares outstanding, ABL has $648 mln market cap, per LSEG

** Through Thurs, stock has lost 13% over the past three months

** ABL shares closed at $9.50 in their Jul 5, 2023 debut after co completed merger with Buffalo Bills owner Terry Pegula's East Resources Acquisition SPAC

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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