SPAC Company East Resources Closes Abacus Life Merger
Portfolio Pulse from Lekha Gupta
East Resources Acquisition Co (ERES) has announced the closure of its merger with Abacus Life for $618.0 million. Following the merger, ERES has been renamed to 'Abacus Life, Inc.,' and its common stock and warrants are expected to start trading on the Nasdaq Capital Market under the ticker symbols 'ABL' and 'ABLLW,' respectively, from July 5, 2023. ERES shares are currently trading higher by 6.2% at $10.44.
July 03, 2023 | 2:27 pm
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ERES has completed its merger with Abacus Life, leading to a 6.2% increase in its share price. The company will be renamed and its stock will trade under new symbols from July 5, 2023.
The completion of the merger with Abacus Life is a significant event for ERES, leading to a change in the company's name and trading symbols. This news has been positively received by the market, as indicated by the 6.2% increase in ERES's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100