Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), today
announced that the Company’s management will participate in an
opening bell ceremony at the Nasdaq today, July 13, 2023, in
celebration of its public listing.
The celebration follows the commencement of trading of its Class
A common stock and warrants on Nasdaq under the ticker symbol
"ABL".
"We are thrilled to celebrate this important milestone for
Abacus here at Nasdaq today,” said Jay Jackson, Chief Executive
Officer of Abacus Life. “I would like to thank the entire Abacus
team for their support and dedication throughout this process. We
are very excited to begin our next chapter as a public company and
to continue expanding our asset management business and leading in
the life settlement industry.”
Abacus Life has been an industry leader (20%
market share) in purchasing life insurance policies in the U.S. for
the last 18+ years, with 400% origination growth over the last six
years. With over $2.9 billion in policy face value purchased, the
Company has helped thousands of clients maximize the value of their
life insurance. Abacus Life’s team of over 83 experienced
professionals, which has serviced over $950 million in policies and
is licensed to operate in 49 states provides white-glove service to
financial advisors and policy owners who need to value life
insurance and explore this lucrative financial option. Abacus Life
is a BBB Accredited Business with an A+ rating.
Abacus invites investors, media, and interested parties to view
the opening bell ceremony at Nasdaq on July 13, 2023, at 9:30 am ET
to celebrate this significant achievement: July 13, Opening Bell on
Livestream.
About Abacus
Abacus is a leading vertically integrated
alternative asset manager specializing in life insurance products.
Since 2004, the Company has purchased life insurance policies from
consumers seeking liquidity and has actively managed those policies
over time (via trading, holding, and/or servicing). With over $2.9
billion in face value of policies purchased, Abacus has helped
thousands of clients maximize the value of their life
insurance.
Over the past 18 years, the Company has built an
institutionalized origination and portfolio management process that
is supported by an 83-person team, long-term relationships with 78
institutional partners and 30,000 financial advisors, and the
ability to operate in 49 states. The Company has serviced
approximately $950 million in policies and has managed assets for
large asset managers and third-party investment funds.
Abacus’ leadership team averages 20+ years of
experience and consists of innovators since the life settlements
industry’s inception in the mid-90s.
The Company is a proud member of the Life
Insurance Settlements Association (LISA) and complies with HIPAA
and privacy laws to maintain and protect confidentiality of
financial, health, and medical information. Abacus is also proud to
be a BBB Accredited Business with an A+ rating.
www.Abacuslife.com
Forward-Looking Statements
This communication contains certain
forward-looking statements within the meaning of the federal
securities laws with respect to the transaction, including
statements regarding the anticipated benefits of the transaction,
the future financial condition and performance of Abacus and
expected financial impacts of the transaction (including future
revenue and pro forma enterprise value) and the platform and
markets and expected future growth and market opportunities of
Abacus. These forward-looking statements generally are identified
by the words “believe,” “predict,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,” “scales,”
“representative of,” “valuation,” “potential,” “opportunity,”
“plan,” “may,” “should,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions or the
negatives of these terms or variations of them. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are inherently subject to risks and
uncertainties. These forward‐looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are beyond ERES’s or
Abacus’s control, are difficult or impossible to predict and may
differ from assumptions. Many factors could cause actual future
events to differ materially from the forward-looking statements in
this communication, including but not limited to: (i) the risk that
the transaction disrupts current plans and operations of Abacus,
(ii) the risk of difficulties in retaining employees of Abacus as a
result of the transaction, (ix) the outcome of any legal
proceedings that may be instituted against Abacus or against ERES
related to the merger agreement or the transaction, (iii) changes
in the competitive industries in which Abacus operate, variations
in operating performance across competitors, changes in laws and
regulations affecting Abacus’s business and changes in the combined
capital structure, (iv) the ability to implement business plans,
forecasts, and other expectations after the completion of the
transaction, and the ability to identify and realize additional
opportunities, (v) risks related to the uncertainty of Abacus’s
projected financial information, (vi) current and future conditions
in the global economy, including as a result of the impact of the
COVID-19 pandemic, (vi) the risk that demand for Abacus’s life
settlement and related offerings does not grow as expected, (vii)
the ability of Abacus to retain existing customers and attract new
customers, (viii) the potential inability of Abacus to manage
growth effectively, (ix) the potential inability of Abacus to grow
its market share of the life settlement industry or to achieve
efficiencies regarding its operating model or other costs, (x)
negative trends in the life settlement industry impacting the value
of life settlements, including increases to the premium costs of
life insurance policies, increased longevity of insureds, and
errors in the methodology and assumptions of life expectancy
reports, (xi) legal challenges by insurers relating to the validity
of the origination or assignment of certain life settlements, (xii)
the enforceability of Abacus’s intellectual property rights,
including its trademarks and trade secrets, and the potential
infringement on the intellectual property rights of others, (xiii)
Abacus’s dependence on senior management and other key employees,
(xiv) the risk of downturns and a changing regulatory landscape in
the industry in which Abacus operates, and (xv) costs related to
the transaction and the failure to realize anticipated benefits of
the transaction or to realize estimated pro forma results and
underlying assumptions, including with respect to estimated
stockholder redemptions. The foregoing list of factors is not
exhaustive.
Nothing in this communication should be regarded
as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. You should carefully consider the foregoing factors and
the other risks and uncertainties which will be more fully
described in the documents filed by ERES and Abacus from time to
time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers of this communication are
cautioned not to put undue reliance on forward-looking statements,
and Abacus and ERES assume no obligation and do not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Neither
Abacus nor ERES gives any assurance that any of Abacus or ERES, or
the combined company, will achieve expectations.
Contacts:
Abacus Life Investor Relations
investors@abacuslife.com
Abacus Life Public Relations
press@abacuslife.com
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