• Sun. May 26th, 2024

Figure Technology Solutions Takes Another Step Towards Public Listing: Submits Draft Registration Statement for Initial Public Offering of Equity Securities

BySamantha Nguyen

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

Figure Technology Solutions (FTS) has taken another step towards becoming a public company by confidentially submitting 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, known as Form S-1, 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.

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. Bloomberg reported that LendCo, valued between $2 billion and $3 billion, was expected to go public in the first half of 2024. Last week, it was reported that Figure Lending LLC was operating independently under FTS in preparation for going public.

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

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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