Figure Technology Solutions Takes Another Step Toward Becoming a Public Company Despite Past Merger Setbacks

Figure Technology Solutions moves closer to becoming a publicly traded company

Figure Technology Solutions, a parent company founded in 2018 by Mike Cagney, made progress this week towards becoming a public company. The company submitted a draft registration statement to the U.S. Securities and Exchange Commission for an initial public offering (IPO). In November, Figure hired Goldman Sachs Group Inc., JP Morgan Chase & Co., and Jefferies Financial Group Inc. to take its lending division, LendCo, public. However, the move towards becoming a public company hasn’t been smooth for Figure.

In 2019, the company originally planned to merge with a special purpose acquisition company (SPAC) called Figure Acquisitions Corp., but the deal was abandoned due to financial reasons. In 2022, Figure attempted to merge with Homebridge Financial Services, but 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. The details such as the number of shares offered and price range were not disclosed in the Form S-1 filing submitted by Figure Technology Solutions this week.

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