Abacus Life Reports Entry into Material Definitive Agreement
Ticker: ABXL · Form: 8-K · Filed: Feb 15, 2024 · CIK: 1814287
Sentiment: neutral
Topics: material-agreement, 8-K filing, corporate-action
TL;DR
**Abacus Life just reported entering a major agreement on Feb 9th, but the filing doesn't detail what it is.**
AI Summary
Abacus Life, Inc. filed an 8-K on February 15, 2024, reporting the entry into a Material Definitive Agreement on February 9, 2024. The filing indicates the company's principal executive offices are located at 2101 Park Center Drive, Suite 200, Orlando, Florida 32835. Specific details regarding the nature or financial terms of this agreement are not provided within the excerpt.
Why It Matters
Entry into a material definitive agreement signifies a significant corporate action that could impact the company's operations, financial position, or strategic direction. Investors typically scrutinize such agreements for their potential implications.
Risk Assessment
Risk Level: medium — While the specific terms are unknown, any 'material definitive agreement' carries inherent risks and opportunities that could significantly affect the company's future performance.
Key Players & Entities
- Abacus Life, Inc. (company) — registrant
- East Resources Acquisition Co (company) — former company name
- 02 Finance (company) — organization name
FAQ
What is the earliest event reported in this 8-K filing?
The earliest event reported is the entry into a Material Definitive Agreement on February 9, 2024.
What is the full legal name of the registrant?
The exact name of the registrant as specified in its charter is Abacus Life, Inc.
What is the Commission File Number for Abacus Life, Inc.?
The Commission File Number is 001-39403.
What was the former name of Abacus Life, Inc. and when did the name change occur?
The former name was East Resources Acquisition Co, and the date of name change was 20200605.
What is the business phone number for Abacus Life, Inc.?
The business phone number is (800) 561-4148.
Filing Stats: 1,037 words · 4 min read · ~3 pages · Grade level 12.4 · Accepted 2024-02-15 16:51:51
Key Financial Figures
- $0.0001 — ich registered Common stock, par value $0.0001 per share ABL The NASDAQ Stock Market L
- $11.50 — of common stock at an exercise price of $11.50 per share ABLLW The NASDAQ Stock Market
- $25 million — ers agreed to purchase from the Company $25 million aggregate principal amount of the Compa
- $35,650,000 — 023 in an aggregate principal amount of $35,650,000 (the "Existing Notes" and together with
- $60,650,000 — ggregate amount of Notes outstanding to $60,650,000. The Company expects to use the net pro
- $3.75 million — option to purchase up to an additional $3.75 million in aggregate principal amount of Notes.
Filing Documents
- abl-20240209.htm (8-K) — 32KB
- projectkingdomii-underwrit.htm (EX-1.1) — 202KB
- image_0.jpg (GRAPHIC) — 8KB
- 0001814287-24-000009.txt ( ) — 459KB
- abl-20240209.xsd (EX-101.SCH) — 2KB
- abl-20240209_def.xml (EX-101.DEF) — 17KB
- abl-20240209_lab.xml (EX-101.LAB) — 32KB
- abl-20240209_pre.xml (EX-101.PRE) — 17KB
- abl-20240209_htm.xml (XML) — 4KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On February 9, 2024, Abacus Life, Inc., a Delaware corporation (the "Company"), entered into an Underwriting Agreement (the "Underwriting Agreement") with Piper Sandler & Co. and each of the underwriters named in Exhibit A thereto (the "Underwriters"), pursuant to which the Underwriters agreed to purchase from the Company $25 million aggregate principal amount of the Company's 9.875% Fixed Rate Senior Notes due 2028 (the "New Notes"). The New Notes will have the same terms (except with respect to issue date and the date from which interest will accrue) as, will be fully fungible with and will be treated as a single series of debt securities as, the 9.875% notes due 2028 the Company issued on November 10, 2023 in an aggregate principal amount of $35,650,000 (the "Existing Notes" and together with the New Notes, the "Notes"). When issued, the New Notes will bring the aggregate amount of Notes outstanding to $60,650,000. The Company expects to use the net proceeds from this offering to refinance other outstanding indebtedness and for general corporate purposes. The Company has granted the Underwriters an option to purchase up to an additional $3.75 million in aggregate principal amount of Notes. The issuance and sale of the Notes is expected to occur on February 15, 2024, subject to customary closing conditions. The Existing Notes are listed and trade on the Nasdaq Global Market under the symbol "ABLLL" and the Company intends to apply to list the New Notes on the Nasdaq Global Market under the same symbol. The Notes were registered with the Securities and Exchange Commission (the "Commission") pursuant to the Company's registration statement on Form S-1 (File No. 333-276795) (as the same may be amended or supplemented, the "Registration Statement"), under the Securities Act of 1933, as amended (the "Securities Act"). The material terms of the Notes are described in the Company's final prospectus, as filed with
01. Financial Statement and Exhibits
Item 9.01. Financial Statement and Exhibits. (a) Exhibits. Exhibit Number Exhibit Description 1.1 Underwriting Agreement, dated February 9, 2024, by and between the Company and Piper Sandler & Co. and each of the other underwriters named in Exhibit A thereto.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. Abacus Life, Inc. Date: February 15, 2024 By: /s/ Jay Jackson Name: Jay Jackson Title: Chief Executive Officer