East Resources Acquisition Company (ERES) Closes Abacus Life Combination
by Nicholas Alan Clayton on 2023-07-03 at 8:29am

East Resources (NASDAQ:ERES) announced this morning that it has completed its combination with financial services firm after receiving shareholder approval at a special meeting on June 29.

The parties have not yet released redemption figures, but the SPAC had a minimum cash condition of just $1 million to clear. East Resources had about $29.5 million in trust after 91.7% redemptions going into the completion vote.

It traded below its $10.35 redemption rate throughout the day of its June 27 redemption deadline, ultimately closing at $9.80. But, Abacus Life may have low near-term cash needs as it generated about $13 million in net income over the 12 months heading into its deal announcement for a 29.2% net margin.

The parties initially announced their $618 million combination on August 30, 2022. Orlando, Florida-based Abacus trades and holds active life insurance policies as investment assets.


ADVISORS

  • Aviditi Advisors is serving as exclusive strategic and financial advisor to ERES
  • Latham & Watkins LLP is acting as legal counsel to ERES.
  • Locke Lord LLP is acting as Abacus’s legal counsel.
East Resources Acquisition Company (ERES) Closes Abacus Life Combination
Recent Posts
by Nicholas Alan Clayton on 2025-07-16 at 8:18am

At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...

by Nicholas Alan Clayton on 2025-07-15 at 7:20pm

Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...

by Nicholas Alan Clayton on 2025-07-15 at 10:47am

Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...

by Nicholas Alan Clayton on 2025-07-15 at 8:29am

At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...

by Kristi Marvin on 2025-07-15 at 6:06am

Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved