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LM Funding Announces Receipt of $2.9M Warrant Proceeds

TAMPA, FL / ACCESSWIRE / June 22, 2020 / LM Funding America, Inc. (NASDAQ:LMFA) ("LM Funding" or the "Company"), a technology-based specialty finance company, today announced that holders of its

Benzinga · -

TAMPA, FL / ACCESSWIRE / June 22, 2020 / LM Funding America, Inc. (NASDAQ:LMFA) ("LM Funding" or the "Company"), a technology-based specialty finance company, today announced that holders of its warrants exercised such warrants for 1,227,700 common shares at $2.40 per share for total consideration of $2,946,480. The warrants were issued in the company's November 2018 registered unit offering. The receipt of the proceeds increases the Company cash on hand as it continues executing on the strategy of acquiring accounts from Associations.

"The economic disruption caused by the novel coronavirus pandemic has created an opportunity to buy more accounts from Associations," said LM Funding's Chief Executive Officer, Bruce M. Rodgers. "This unexpected cash influx at $2.40 per share will benefit our efforts to assist our community association customers maintain their buildings, effect repairs, and provide amenities to their residents during this time when more owners than usual are facing unemployment and financial hardship caused by the pandemic."