Abacus Global Management (NASDAQ:ABL) has completed its previously announced exchange offer and consent solicitation, resulting in the elimination of all outstanding public and private placement warrants.
The alternative asset manager issued 4.18 million shares of common stock in exchange for the warrants tendered.
In a follow-on transaction, Abacus will exchange any remaining warrants at a reduced ratio of 0.207 shares per warrant on August 14, bringing the total common shares outstanding to about 102.6 million — a roughly 5% increase.
The company said its public warrants, listed under the symbol “ABLLW,” will be suspended from trading and delisted from Nasdaq after the follow-on exchange. Its common stock will continue to trade under “ABL.”