Business
LM Funding Announces Closing of Upsized $30 Million Underwritten Public Offering
TAMPA, Fla., Oct. 19, 2021 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a technology-based specialty finance
About this update from Lm Funding America, Inc.
[{"type":"text","content":"TAMPA, Fla., Oct. 19, 2021 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a technology-based specialty finance company that intends to expand into the cryptocurrency mining business, today announced the closing of its previously announced underwritten public offering of 6,315,780 shares of its common stock and warrants to purchase up to 6,315,780 shares of the Company’s common stock. Each share of common stock was sold in a unit together with one common warrant at a public offering price of $4.75 per unit, for gross proceeds of approximately $30 million, before deducting underwriting discounts and offering expenses. The common warrants have an exercise price of $5.00 per share of common stock, are immediately exercisable and will expire five years from the date of issuance. In addition, LM Funding has granted the underwriters a 45-day option to purchase up to an additional 947,367 shares of common stock and/or common warrants to purchase up to 947,367 shares of common stock, at the public offering price less discounts and commissions, of which Maxim Group LLC has exercised its option to purchase an additional 947,367 warrants. Maxim Group LLC acted as sole book-running manager for the offering. LM Funding intends to use the net proceeds from this offering for the purchase of cryptocurrency mining equipment, funding other expenses in building out its planned cryptocurrency mining operations, and for other general corporate purposes, including working capital. The offering was conducted pursuant to the Company's registration statement on Form S-1 (File Nos. 333-259423 & 333-260313) previously filed with and subsequently declared effective by the Securities and Exchange Commission (\"SEC\"). A prospectus relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securi...