LM Funding Sells Symbiont's Blockchain Technology to Platonic Holdings Inc.
28 Dicembre 2023 - 3:00PM
LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or
the “Company”), a cryptocurrency mining and
technology-based specialty finance company, today announced that it
has signed an agreement to sell Symbiont’s blockchain technology
for $2 million to Platonic Holdings Inc. Two hundred thousand of
the sale price will be held in escrow until December 26, 2024. LM
Funding acquired the assets of Symbiont.IO as debtor in possession
in its Chapter 11 bankruptcy case and they are recorded on the
Company’s books for $2 million.
Bruce M. Rodgers, Chairman and CEO of LM
Funding, commented, “We believe this transaction provides the
Company with the necessary funds to grow our bitcoin mining
business, including the acquisition of more mining equipment, in
preparation for the anticipated Bitcoin halving event for the
second quarter of 2024. Additionally, the transaction
provides the Company with extra working capital to strengthen our
balance sheet."
The Company closed the deal on December 27,
2023.
About LM Funding AmericaLM Funding America,
Inc., (Nasdaq: LMFA) together with its subsidiaries, is a
cryptocurrency mining business that commenced Bitcoin mining
operations in September 2022. The Company also operates a
technology-based specialty finance company that provides funding to
nonprofit community associations (Associations) primarily located
in the state of Florida, as well as in the states of Washington,
Colorado, and Illinois, by funding a certain portion of the
Associations' rights to delinquent accounts that are selected by
the Associations arising from unpaid Association assessments.
Forward-Looking StatementsThis
press release may contain forward-looking statements made pursuant
to the Private Securities Litigation Reform Act of 1995. Words such
as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,”
and “project” and other similar words and expressions are intended
to signify forward-looking statements. Forward-looking statements
are not guaranties of future results and conditions but rather are
subject to various risks and uncertainties. Some of these risks and
uncertainties are identified in the Company's most recent Annual
Report on Form 10-K and its other filings with the SEC, which are
available at www.sec.gov. These risks and uncertainties include,
without limitation, uncertainty created by the COVID-19 pandemic,
the risks of entering into and operating in the cryptocurrency
mining business, uncertainty in the cryptocurrency mining business
in general, problems with hosting vendors in the mining business,
the capacity of our Bitcoin mining machines and our related ability
to purchase power at reasonable prices, the ability to finance our
planned cryptocurrency mining operations, our ability to acquire
new accounts in our specialty finance business at appropriate
prices, the potential need for additional capital in the future,
changes in governmental regulations that affect our ability to
collected sufficient amounts on defaulted consumer receivables,
changes in the credit or capital markets, changes in interest
rates, and negative press regarding the debt collection
industry. The occurrence of any of these risks and
uncertainties could have a material adverse effect on our business,
financial condition, and results of operations.
Contact:Crescendo Communications, LLCTel: (212)
671-1021Email: LMFA@crescendo-ir.com
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