03:22 AM EST, 11/22/2024 (MT Newswires) -- Abacus Life ( ABL ) said late Thursday it priced an underwritten public offering of 12.5 million common shares at $8 apiece.

The company is offering 10 million shares, with the rest to be sold by certain stockholders. It also granted underwriters a 30-day option to purchase up to an additional 1.5 million shares from the company and up to 375,000 more shares from the selling stockholders.

The offering is expected to close on Nov. 25.

Abacus said gross proceeds are expected to be about $100 million, excluding the underwriters' option to purchase additional shares.

The company plans to use the proceeds for its operations, including the purchase of life settlement policies, among other things.