Business
LifeMD™ Completes $15M Debt Financing
Financing significantly bolsters liquidity position to support continued investment in growth of telehealth business NEW YORK, June 03, 2021 (GLOBE NEWSWIRE)
About this update from Lifemd, Inc.
[{"type":"text","content":"Financing significantly bolsters liquidity position to support continued investment in growth of telehealth business\nNEW YORK, June 03, 2021 (GLOBE NEWSWIRE) -- LifeMD, Inc. (“the Company”) (NASDAQ: LFMD), a leading direct-to-patient telehealth company, announced today that it has successfully closed a $15 million debt financing with B. Riley Principal Investments. Additional liquidity significantly strengthens balance sheet and supports the company’s aggressive growth plan through 2022Transaction represents the completion of LifeMD’s first debt financing “We are very pleased to have completed this debt transaction with B. Riley Principal Investments. We believe this transaction is a strong validation of LifeMD’s telehealth platform and our continued investment in growth,” noted Marc Benathen, CFO of LifeMD. “As we noted previously, our management team has remained very focused on bolstering our balance sheet to support our aggressive growth strategy and pathway to profitability while doing so with the best interests of our shareholders in mind. By completing this debt financing, LifeMD not only enhances the cash on the balance sheet but forms a key partnership with a tremendous institution with strong capital markets capabilities and deep relationships in the space.” \"B Riley’s Principal Investment team uses the firm’s proprietary capital to make direct investments in companies with proven platform technologies with significant near-term growth potential,” noted Bryant Riley, Chairman and CEO of B. Riley. “We believe that LifeMD fits this profile and we are committed to leveraging the full power of our banking platform and network to support the growth of LifeMD.” For more detailed information related to the terms of the debt financing please see LifeMD’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 3, 2021. About LifeMDLifeMD, Inc. is a rapidly growing direct-to-patient, telehealth company, offering cash-pay virtual medical care across all 50 states. LifeMD’s telemedicine platform enables virtual access to affordable and convenient medical treatment from licensed providers and, when appropriate, prescription medications and over-the-counter products delivered directly to the patient’s home. To learn more, visit www.LifeMD.com. Cautionary Note Regarding Forward Looking StatementsThis ne...