Figure Technology Solutions Takes Step Toward Becoming Public Company with Form S-1 Filing

Figure Technology Solutions moves closer to becoming a publicly traded company

In recent developments, Figure Technology Solutions 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. The company made this move by filing 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 marks progress in Figure’s journey 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 was valued between $2 billion and $3 billion and was expected to go public in the first half of 2024. However, HousingWire reported last week that Figure Lending LLC was operating under FTS independently of CEO Mike Cagney’s Figure Technologies in preparation for the public offering.

Figure’s journey towards becoming a public company hasn’t been without setbacks. 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. Additionally, Figure attempted to merge with Homebridge Financial Services in 2022, 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.

Leave a Reply