ERES Shareholders Approved the Business
Combination on June 29, 2023
Abacus Life to begin trading on Nasdaq on July
5, 2023 under ticker symbol “ABL”
East Resources Acquisition Company (NASDAQ: ERES) (“ERES”), a
publicly traded special purpose acquisition company, today
announced the completion of its business combination with Abacus
Life, a leading buyer of life insurance policies and a vertically
integrated alternative asset manager specializing in specialty
insurance products. ERES shareholders voted to approve the business
combination at a meeting held on June 29, 2023.
In connection with the completion of the business combination,
ERES has been renamed “Abacus Life, Inc.” (“Abacus” or the
“Company”), and its common stock and warrants are expected to
commence trading on the Nasdaq Capital Market on July 5, 2023,
under the ticker symbols “ABL” and “ABLLW”, respectively. The
Company’s common stock and warrants will continue to trade under
the ticker symbols “ERES” and “ERESW,” respectively, on Monday,
July 3, 2023.
“We believe we are well-positioned to accelerate and execute on
our growth strategy as a result of this business combination,” said
Jay Jackson, Chief Executive Officer of Abacus. “The capital raised
in connection with this transaction, along with our new access to
the public markets, will allow us to continue to scale and expand
our market leading portfolio of life settlement services and
specialty insurance products.”
“We are pleased to complete our business combination with
Abacus, a leader in the life settlements space and a company that
we expect to remain at the forefront of the expansion and adoption
of this alternative asset class,” said Terrence M. Pegula,
Chairman, CEO and President of ERES. “The highly experienced
management team at Abacus has positioned the Company to not only be
a market leader, but to be highly scalable with the potential for
consistent financial performance, giving us confidence that they
will deliver long-term value to stockholders. We look forward to
continuing to support them moving forward.”
Advisors
Aviditi Advisors served as exclusive strategic and financial
advisor to ERES, and Latham & Watkins LLP served as legal
counsel to ERES. Locke Lord LLP served as Abacus’s legal
counsel.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230703641965/en/
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