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Figure Technology Solutions Takes Step Towards Public Traded Status with S-1 Filing

Figure Technology Solutions moves closer to becoming a publicly traded company

Figure Technology Solutions Takes Step Towards Public Traded Status with S-1 Filing

In recent news, Figure Technology Solutions, the parent company of Figure Lending LLC, has taken a step towards becoming a public company by submitting a draft registration statement to the U.S. Securities and Exchange Commission for an initial public offering (IPO). The company filed a Form S-1, a standard filing used by companies planning to go public to register their securities. Although specific details such as the number of shares offered and price range were not disclosed, this move marks progress towards becoming a publicly traded company.

The possibility of going public was first hinted at 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. LendCo, valued between $2 billion and $3 billion, was expected to go public in the first half of 2024. However, due to regulatory delays, the deal with Homebridge Financial Services fell through in 2022. 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.

Figure’s journey towards becoming a public company has not been smooth sailing. Founded in 2018 by Mike Cagney, 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. Despite these challenges, Figure has continued to grow and expand its operations throughout the years. With its latest submission of a Form S-1 filing and its ongoing efforts towards going public, it looks like Figure is one step closer to realizing its goal of becoming a publicly traded company in the near future.

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