East Resources Acquisition announced the completion of its business combination with Abacus Life, a buyer of life insurance policies and a vertically integrated alternative asset manager specializing in specialty insurance products. ERES shareholders voted last week to approve the business combination.
Abacus Life entered into with East Resources in August 2022 with a valuation at that time of $618 million.
Stock and warrants began trading today on the Nasdaq under the ticker symbols ABL and ABLLW.
Although the SPAC had lost nearly 92% of its trust to redemptions ahead of the merger vote — with $29.5 million remaining — the deal had only a $1 million cash closing condition.
Aviditi Advisors served as exclusive strategic and financial advisor to ERES, and Latham & Watkins served as legal counsel to ERES. Locke Lord was Abacus’s legal counsel. Read more.
