Figure Technology Solutions moves closer to becoming a publicly traded company
Technology

Figure Technology Solutions Submits Form S-1 in First Step Towards Becoming a Public Company

Figure Technology Solutions, the parent company of Figure Lending LLC, has made progress towards becoming a public company by submitting a draft registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering. The company submitted a Form S-1, 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, this move marks an important milestone in Figure’s journey towards going public.

Figure first hinted at its plans to become a public company in November when it hired Goldman Sachs Group Inc., JP Morgan Chase & Co., and Jefferies Financial Group Inc. to take its lending division, LendCo, public. LendCo was valued between $2 billion and $3 billion and was expected to go public in the first half of 2024.

However, Figure’s journey towards becoming a public company hasn’t been smooth. In 2018, the company originally planned to merge with a special purpose acquisition company (SPAC) called Figure Acquisitions Corp. However, the deal was abandoned due to financial reasons.

More recently, Figure attempted to merge with Homebridge Financial Services in 2022. However, regulatory delays caused the deal to fall through.

Despite these setbacks, Figure has managed to originate over $8 billion in home equity lines of credit (HELOCs) and serve over 100,000 households nationwide as of February 2024.

As it continues on its path towards going public, Figure is working hard to ensure that it is ready for the rigors of being a publicly traded company. Its submission of the Form S-1 is an important step in this process and represents an exciting moment for both the company and its investors.

LEAVE A RESPONSE

As a content writer at newsauntering.com, I am Samantha Johnson—a wordsmith with a fervent love for storytelling and a keen eye for captivating readers. With a diverse background in journalism and digital marketing, I craft compelling narratives that engage, inform, and inspire our audience. Whether unraveling breaking news stories or delving into thought-provoking features, my aim is to deliver content that resonates and leaves a lasting impact. Join me on a journey through the ever-evolving landscape of news and narratives at newsauntering.com.