Abacus Life Repurchases Total of $6 Million of Stock in First 60 Days of Program

ORLANDO, Fla., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (NASDAQ: ABL) (“Abacus” or the “Company”), a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, provided an update to its $15 million stock repurchase program previously announced on December 12, 2023 (the “Repurchase Program”).

From the commencement of the Repurchase Program through February 12, 2024, Abacus has repurchased 553,150] shares of its common stock at an average price of $10.92 on the open market at a total cost of approximately $6.0 million. As of February 12, 2024, Abacus has $9.0 million of availability under the Repurchase Program, which expires on June 10, 2025, unless sooner suspended or discontinued.

“We continue to be pleased with our Repurchase Program’s progress,” stated Jay Jackson, Chairman and Chief Executive Officer. “We remain excited at the long-term growth opportunities present for our expert team at Abacus to execute upon and generate additional value creation for stockholders.”

During the pendency of the stock repurchase program, the Company may repurchase shares from time to time through various methods, including in open market transactions, block trades, accelerated share repurchases, privately negotiated transactions, derivative transactions or otherwise, certain of which may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in compliance with applicable state and federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including our assessment of the intrinsic value of the Company's common stock, the market price of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, applicable legal requirements, the nature of other investment opportunities available to the Company, and other considerations. The Company 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.