LM Funding Reports Payoff of Senior Secured Debt
TAMPA, Fla., January 23, 2018 (Newswire.com) - LM Funding America, Inc. (NASDAQ:LMFA) (NASDAQ:LMFAW), a technology-based specialty finance company offering unique funding solutions to community associations, is announcing that it has paid all of the principal and accrued interest due to Heartland Bank of New York totaling $4.7 million dollars.
The payoff of the Heartland Bank secured promissory notes was accomplished through an agreement between the Company and Esousa Holdings LLC which acquired the Heartland debt. The Company satisfied the debt through an exchange of shares and warrants.
The exchange resulted in the issuance of 2,676,378 shares. After giving effect to the issuance of such shares, the Company had 5,976,378 shares of its common stock issued and outstanding as of Jan. 23, 2017 and no outstanding secured debt obligations.
About LM Funding America
LM Funding America, Inc., together with its subsidiaries, is 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. The company offers funding to Associations by purchasing a certain portion of the associations’ rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments. It is also involved in the business of purchasing delinquent accounts on various terms tailored to suit each Association’s financial needs, including under its New Neighbor Guaranty™ program. The company was founded in 2008 and is based in Tampa, Florida. The company's common shares and warrants trade on the NASDAQ Capital Market under the symbols "LMFA" and "LMFAW".
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees 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 filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the company’s business, financial condition, and results of operations.
Chairman and CEO
LM Funding America, Inc.
Tel (813) 222-8996
Source: LM Funding America Inc.