GWG Holdings and The Beneficient Company Complete Their Transaction
December 28 2018 - 5:15PM
GWG Holdings, Inc. (Nasdaq:
GWGH) reported
today that it has completed its strategic transaction with The
Beneficient Company Group, L.P. (BEN) and other parties.
As a result of the final closing, GWGH holds 40,505,279 common
units of BEN and a $193 million aggregate principal amount
commercial loan to BEN, and GWGH issued 27,013,516 shares of its
common stock at a valuation of $10 a share (inclusive of five
million shares of common stock issued upon the conversion of GWGH’s
Series B Preferred Stock) and Seller Trust L Bonds having an
aggregate principal amount of $367 million.
Final details of the transaction’s finances will be released in
an 8-K that GWGH will file on or about January 4, 2019.
About GWG Holdings, Inc.
GWG Holdings, Inc. (Nasdaq: GWGH), the parent company of
GWG Life, Life Epigenetics and YouSurance, is a leading provider of
liquidity to consumers and investors across the U.S. GWG Life
provides value to consumers owning illiquid life insurance
products, delivering them more than $564 million for their policies
since 2006. GWG Life owns a life insurance policy portfolio of
$1.96 billion in face value of policy benefits as of September 30,
2018. Life Epigenetics is commercializing epigenetic technology for
the life insurance industry and beyond. YouSurance, a digital life
insurance agency, is working to embed epigenetic testing into life
insurance products to provide consumers a value-added ecosystem
that supports their health and wellness while reducing the cost of
their insurance.
For more information about GWG Holdings,
email info@gwgh.com or visit www.gwgh.com.
About The Beneficient Company Group, L.P.
(BEN)
Based in Dallas, BEN offers an array of lending and liquidity
products and services focused on providing liquidity from
alternative assets to mid-to-high net worth individuals and
small-to-mid-size institutional investors that have historically
had few attractive liquidity options. For more information
about BEN, visit www.trustben.com.
Contact:For GWG
Holdings, Inc.Dan Callahan Director of Communication
612-746-1935
For The Beneficent Company Mark
Semer or Daniel Yunger Kekst 212-521-4800
GWG (NASDAQ:GWGH)
Historical Stock Chart
From Jul 2024 to Jul 2024
GWG (NASDAQ:GWGH)
Historical Stock Chart
From Jul 2023 to Jul 2024