SPAC Company East Resources Closes Abacus Life Merger

East Resources Acquisition Co (NASDAQ: ERES) announced merger closure with Abacus Life for $618.0 million.

Abacus Life is a buyer of life insurance policies and a vertically integrated alternative asset manager specializing in specialty insurance products.

With the merger closure, ERES has been renamed 'Abacus Life, Inc.,' and the common stock and warrants are expected to start trading on the Nasdaq Capital Market on July 5, 2023, under the ticker symbols "ABL" and "ABLLW," respectively.

ERES shareholders approved the business combination at a meeting held on June 29, 2023.

"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. 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," said Terrence M. Pegula, Chairman, CEO, and President. 

Price Action: ERES shares are trading higher by 6.2% at $10.44 on the last check Monday.