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Abacus Global Management, Inc. (NASDAQ:ABL), currently trading at $6.01 and showing signs of being undervalued according to InvestingPro analysis, recently held its annual meeting of stockholders, where several key decisions were made, including the re-election of directors and the ratification of the company’s independent auditor. The investment advisory firm, which generated revenue of $134.6 million in the last twelve months with an impressive 88% gross margin, announced the results of the votes from its 2025 Annual Meeting of Stockholders that took place the day before.
Three Class II directors were re-elected to serve a three-year term. Cornelis Michiel van Katwijk received 69,817,448 votes for, 402,835 withheld, and there were 1,560,600 broker non-votes. Mary Beth Schulte received 68,258,417 votes for, 1,961,866 withheld, along with the same number of broker non-votes. Karla Radka was re-elected with 57,506,376 votes for, 12,713,907 withheld, and broker non-votes mirroring the others.
Additionally, the appointment of Grant Thornton LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified by the stockholders. The accounting firm received an overwhelming majority of 71,766,591 votes for, 5,607 against, and 8,685 abstentions. While the stock has faced challenges, declining 26% over the past six months, InvestingPro data suggests potential upside, with analysts setting price targets between $12 and $15.
The company is incorporated in Delaware and has its principal executive offices in Orlando, Florida. It operates under the investment advice industry and has changed its name from Abacus Life, Inc. in July 2023, which was formerly known as East Resources Acquisition Co until June 2020.
The SEC filing also confirmed that Abacus Global Management is an emerging growth company and has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Looking ahead, InvestingPro analysts expect the company to become profitable this year, with projected earnings of $0.76 per share. For deeper insights into ABL’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
The information in this article is based on a press release statement from Abacus Global Management, Inc.
In other recent news, Abacus Global Management has announced a $20 million share repurchase program, effective over an 18-month period. This decision is part of the company’s strategy to manage its capital structure and enhance shareholder value. The buyback initiative follows a short seller report that raised concerns about the firm’s reliance on a single life expectancy provider, which Abacus has publicly refuted. Piper Sandler has maintained its Overweight rating and $12.00 price target on Abacus Life, emphasizing the durability of the company’s business model despite the short report’s allegations. Abacus has also engaged an independent actuarial firm to validate its portfolio valuation, confirming its reported figures closely. The company has expressed its commitment to transparency and accuracy in financial reporting, with market analysts such as Autonomous/Bernstein and Piper Sandler continuing to support the stock with positive ratings. Additionally, Abacus plans to pursue legal action against those responsible for the short attack. The company’s leadership remains committed to its growth, with expectations of potential inclusion in the Russell 2000 and 3000 indices later this year.
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