• Thu. Jun 13th, 2024

Figure Technology Solutions Takes Crucial Step Towards Public Offering Amid Challenges

BySamantha Johnson

Mar 27, 2024
Figure Technology Solutions moves closer to becoming a publicly traded company

Figure Technology Solutions, a company founded in 2018 by Mike Cagney, made progress towards becoming a public company this week by submitting a draft registration statement to the U.S. Securities and Exchange Commission for an initial public offering (IPO). The move was hinted at in November when the company hired Goldman Sachs Group Inc., JP Morgan Chase & Co., and Jefferies Financial Group Inc. to take its lending division, LendCo, public.

The submission of Form S-1 is a standard filing used by companies planning to go public to register their securities. While specific details such as the number of shares offered and price range were not disclosed, the filing marks an important step towards becoming a public company for Figure Technology Solutions. The company has faced financial challenges in its journey towards going public, including the abandonment of a merger with SPAC called Figure Acquisitions Corp. due to financial reasons and regulatory delays that caused a failed merger attempt with Homebridge Financial Services in 2022.

Despite these setbacks, Figure has been able to originate over $8 billion in home equity lines of credit (HELOCs) and serve over 100,000 households nationwide as of February 24th. As of now, LendCo is expected to go public in the first half of 2024 under FTS independently of CEO Mike Cagney’s Figure Technologies.

By Samantha Johnson

As a dedicated content writer at newsanguinely.com, I weave words into compelling stories that captivate and inform our readers. With a passion for storytelling and a keen eye for detail, I craft engaging articles that shed light on the latest news and trends. When I'm not typing away at my keyboard, you can find me exploring new ideas, researching diverse topics, and striving to deliver content that resonates with our audience. Join me on this journey as we uncover the stories that matter most.

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