• Fri. Jun 14th, 2024

Figure Technologies Solutions Takes Another Step towards Becoming a Public Company: The Story Behind Its Failed Public Debuts and Persistent Efforts

BySamantha Jones

Mar 27, 2024
Figure Technology Solutions moves forward in the process of going public

Figure Technology Solutions (FTS), the parent company of Figure Lending LLC, has taken another step towards becoming a public company. Just one week after reorganizing its enterprise structure, the company announced that it has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering of its equity securities. This filing is known as a Form S-1, which is used by companies planning to go public to register their securities. Details such as the number of shares to be offered and the price range have not yet been determined.

Despite these recent developments, this is not the first time Figure has planned to go public. Founded in 2018 by former SoFi head Mike Cagney, Figure initially planned to merge with a special purpose acquisition company (SPAC) called Figure Acquisitions Corp. However, the deal fell through due to higher interest rates and rising redemption rates, resulting in the delisting of the blank check company. Figure also attempted to merge with Homebridge Financial Services in 2022, but regulatory delays prevented the transaction. The following year, CMG acquired Homebridge’s retail assets.

As of February 2024, Figure has originated over $8 billion in home equity lines of credit (HELOCs) and has served at least 100,000 households nationwide. These recent moves indicate Figure’s continued efforts to become a publicly traded company.

Bloomberg reported earlier this month that LendCo, valued between $2 billion and $3 billion, was expected to go public in the first half of 2024 under FTS’s ownership.

Rumors of a potential public offering started circulating in November when Figure hired Goldman Sachs Group Inc., JP Morgan Chase & Co., and Jefferies Financial Group Inc. to take its lending division, LendCo, public.

Figure’s decision comes after several failed attempts at going public previously including an attempt at merging with SPAC called Figure Acquisitions Corp which did not come through due to higher interest rates and rising redemption rates resulting in delisting of SPAC.

Additionally last year there were plans for merger with Homebridge Financial Services but regulatory delays prevented it from happening.

Despite these setbacks figure has continued its efforts towards becoming publicly traded by serving at least 100 thousand households nationwide and originating over $8 billion in HELOCs

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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