East Resources Acquisition Company
ERESU
NASDAQ Capital Market10.00
USD
-1.00
- -
CIK
0001814287
ISIN
US2746812047
CUSIP
274681204
Return %
Stock
S&P500
1Y
-1.19
18.21
3Y
-0.10
63.29
5Y
- -
74.90
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Terrence M. Pegula
- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- 7777 NW Beacon Square Boulevard Boca Raton FL United States of America 33487
- IPO Date
- Jul 23, 2020
- CIK
- 0001814287
- Website
- eastresources.com
- Similar Companies
- Business
- East Resources Acquisition Company (ERESU) operates as a blank check special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, initially targeting opportunities in the North American energy sector; its main products and services encompass SPAC units consisting of common shares and warrants, cash in trust from IPO proceeds held at 100%, and merger-related financial instruments. Founded in 2020 and headquartered in Boca Raton, Florida, the company focuses on institutional investors, retail shareholders, and strategic partners across the US and Canada, with underwriters including Wells Fargo Securities. Core offerings include portfolio servicing revenue from policy management, active management revenue from life settlement assets, origination revenue from policy procurement, and fair value accounting for acquired life insurance policies valued at approximately $273 million as of late 2024. In July 2020, East Resources Acquisition Company completed a $345 million initial public offering, raising capital for deployment in energy-focused targets led by CEO Terrence M. Pegula. The company announced a business combination with Abacus Life, a life settlement provider, on August 30, 2022, which closed on July 3, 2023, after shareholder approval on June 29, 2023, resulting in ERES renaming to Abacus Life, Inc. (NASDAQ: ABL) while ERESU units persist; post-merger, Abacus Life pursues expansions including a July 2024 agreement to acquire Carlisle Management Company for $200 million and an August 2024 deal for FCF Advisors to bolster asset management, alongside a December 2023 $15 million share repurchase program active through May 2025. These moves shift operations toward life settlements, with revenue streams showing active management at $73.8 million, origination at $4.4 million, and portfolio servicing at $0.5 million for the nine months ended September 30, 2024. Geographic focus remains North America, with 532 policies in portfolio carrying $977 million face value.
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