Abacus Global Management announces a $20 million share repurchase program and employee share purchases amid a short attack.
Quiver AI Summary
Abacus Global Management, Inc. has announced a new $20 million share repurchase program, effective June 5, 2025, aimed at countering an unfair short attack that has depressed its stock price. CEO Jay Jackson expressed confidence in the company's business model and balance sheet, highlighted by over $2 million in recent share purchases made by employees. The repurchase will be conducted over 18 months using cash on hand and future cash flow, with the company retaining discretion on the timing and method of repurchases. Abacus is also pursuing legal action against those responsible for the short attack and emphasizes that its financial returns and valuations are robust and well-audited.
Potential Positives
- Abacus Global Management has authorized a $20 million share repurchase program, demonstrating the Board's confidence in the company's financial health and potential for growth.
- Employee share purchases totaling over $2 million indicate strong internal belief in the company's value and future prospects.
- The press release addresses and counters a short attack, reinforcing the company’s commitment to maintaining shareholder trust and pursuing legal remedies against misinformation.
Potential Negatives
- The announcement of a short attack on the company indicates potential vulnerabilities in the market perception of Abacus Global Management, which can negatively impact investor confidence.
- The share repurchase program may suggest that the company’s stock price is undervalued, which could raise concerns about its market standing or overall financial health.
- There is no obligation for the company to purchase shares under the repurchase program, which might create skepticism about its commitment to supporting its stock price.
FAQ
What is the new share repurchase program announced by Abacus?
Abacus has authorized a $20 million share repurchase program effective June 5, 2025, over a period of 18 months.
How much have Abacus employees invested in shares recently?
Abacus employees have collectively invested over $2 million in recent share purchases.
What is Abacus's response to the recent short attack?
Abacus sees the depressed share price as a buying opportunity and plans to pursue legal remedies against those responsible.
How will Abacus fund its share repurchases?
Abacus intends to fund repurchases using cash on hand and free cash flow generated in the future.
What factors will influence Abacus’s share repurchase decisions?
The timing, number, and value of shares repurchased will depend on market conditions, intrinsic value assessment, and other considerations.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ABL Insider Trading Activity
$ABL insiders have traded $ABL stock on the open market 12 times in the past 6 months. Of those trades, 8 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $ABL stock by insiders over the last 6 months:
- KEVIN SCOTT KIRBY (Co-Founder and President) has made 1 purchase buying 86,207 shares for an estimated $497,759 and 1 sale selling 75,800 shares for an estimated $606,400.
- SEAN MCNEALY (Co-Founder and President) has made 1 purchase buying 86,207 shares for an estimated $497,759 and 1 sale selling 75,800 shares for an estimated $606,400.
- MATTHEW GANOVSKY (Co-Founder and President) sold 75,800 shares for an estimated $606,400
- JAY J JACKSON (Chief Executive Officer) sold 75,800 shares for an estimated $606,400
- WILLIAM HUGH JR MCCAULEY (Chief Financial Officer) purchased 33,000 shares for an estimated $192,155
- ADAM SAMUEL GUSKY has made 5 purchases buying 18,126 shares for an estimated $142,074 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$ABL Hedge Fund Activity
We have seen 48 institutional investors add shares of $ABL stock to their portfolio, and 38 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MONASHEE INVESTMENT MANAGEMENT LLC removed 810,000 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $6,066,900
- BASTION ASSET MANAGEMENT INC. added 577,479 shares (+inf%) to their portfolio in Q1 2025, for an estimated $4,325,317
- ROYCE & ASSOCIATES LP added 517,822 shares (+39.6%) to their portfolio in Q1 2025, for an estimated $3,878,486
- SEVEN GRAND MANAGERS, LLC removed 507,485 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $3,801,062
- VANGUARD GROUP INC added 265,798 shares (+25.9%) to their portfolio in Q1 2025, for an estimated $1,990,827
- BLACKROCK, INC. added 243,850 shares (+103.2%) to their portfolio in Q1 2025, for an estimated $1,826,436
- GOLDMAN SACHS GROUP INC added 221,712 shares (+13.0%) to their portfolio in Q1 2025, for an estimated $1,660,622
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ORLANDO, Fla., June 06, 2025 (GLOBE NEWSWIRE) -- Abacus Global Management, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leader in the alternative asset management space, today announced that its Board of Directors has authorized a new $20 million share repurchase program, effective June 5, 2025 for over a period of up to 18 months, as well as recent Form 4 and other employee share purchases totaling over $2 million.
"While it is unfortunate that Abacus Global Management has been subject to a short attack, we believe our artificially depressed share price represents an excellent buying opportunity for the Company,” said Jay Jackson, Chief Executive Officer of Abacus Global Management. “We believe this is validated by our newly authorized share repurchase program, reflecting our Board’s continued confidence in our business model and strength of our balance sheet, and also by our employees who have spent over $2 million combined of their own money in recent share purchases. Our returns and valuation are audited, and consistent with a 20-year track record of generating positive revenue. We will not allow this distraction to affect our continued growth and our day-to-day operations.”
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.
Abacus is committed to pursuing all available legal remedies against the individuals and entities responsible for orchestrating and disseminating the false and misleading short attack.
Forward-Looking Statements
All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the fact that Abacus’s loss reserves are bases on estimates and may be inadequate to cover its actual losses; the failure to properly price Abacus’s insurance policies; the geographic concentration of Abacus’s business; the cyclical nature of Abacus’s industry; the impact of regulation on Abacus’s business; the effects of competition on Abacus’s business; the failure of Abacus’s relationships with independent agencies; the failure to meet Abacus’s investment objectives; the inability to raise capital on favorable terms or at all; the effects of acts of terrorism; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with the U.S. Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations.
About Abacus
Abacus Global Management (NASDAQ: ABL) is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.
Contacts:
Investor Relations
Robert F. Phillips – SVP Investor Relations and Corporate Affairs
rob@abacusgm.com
(321) 290-1198
David Jackson – Director of IR/Capital Markets
david@abacusgm.com
(321) 299-0716
Abacus Global Management Public Relations
press@abacusgm.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
