How Is Abacus Life (ABL) Moving After Today's Reports?

By Tamara Parker • Tuesday, January 09 19:00 • Permanent Link

Abacus Life, Inc. (NASDAQ: ABL) has repurchased $1.9 million of its stock in the first 30 days of its $15 million stock repurchase program, the company announced today. The stock repurchase program was initially announced on December 12, 2023.

From the start of the repurchase program through January 8, 2024, Abacus has bought back 206,050 shares of its common stock at an average price of $9.26. As of January 9, 2024, the company still has $13.1 million remaining under the repurchase program, which is set to expire on June 10, 2025, unless it is suspended or discontinued earlier.

Jay Jackson, Chairman, and CEO of Abacus Life, expressed satisfaction with the progress of the repurchase program, stating, "We are pleased with the progress of our repurchase program, which reflects our continued belief in the quality of our business and the substantial opportunities ahead at Abacus for future long-term value creation. We believe our expert team, wealth of data and innovative technology continue to position us well to further execute on our strategic growth initiatives, generate sustained profitability, and ultimately create long-term value for our stockholders."

The company also highlighted that during the stock repurchase program, it may repurchase shares through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions, derivative transactions, or other methods, some of which may be made pursuant to a trading plan meeting the requirements of rule 10b5-1 under the securities exchange act of 1934. However, the company clarified that it is not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice.

The company expects to fund the repurchases by using cash on hand and expected free cash flow to be generated in the future.

Following this announcement, Abacus Life, Inc.'s stock moved -5.2% and is currently trading at $10.66 per share.

The company's full 8-K submission is available here.

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