Figure Technology Solutions moves forward in the process of going public

Figure Technology Solutions Takes Another Step Towards Becoming a Public Company

Figure Technology Solutions (FTS), a company founded in 2018 by former SoFi head Mike Cagney, is taking another step towards becoming a public company. One week after reorganizing its enterprise structure, the company has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for an 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 was expected to go public in the first half of 2024 and was valued between $2 billion and $3 billion. 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. In 2019, the company initially planned to merge with a special purpose acquisition company (SPAC) called Figure Acquisitions Corp., but the deal fell through due to higher interest rates and rising redemption rates, resulting in the delisting of the blank check company. The following year, Figure attempted to merge with Homebridge Financial Services, but regulatory delays prevented the transaction from happening. CMG eventually acquired Homebridge’s retail assets in 2023.

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 that Figure continues its efforts towards becoming a publicly traded company.

Overall, it seems like FTS is making steady progress towards becoming a public company despite facing challenges in previous attempts at going public due to unfavorable market conditions and regulatory hurdles.

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