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.
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