Home Equities Score This news boosted LM Funding America, Inc.(LMFA), stock in the after-hours Friday

This news boosted LM Funding America, Inc.(LMFA), stock in the after-hours Friday

‎LM Funding America, Inc.(LMFA), the stock surged more than 56% to $3.33 in the extended market session.

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Before this surge in stock as an indirect subsidiary of (LMFA), LMF Acquisition Opportunity, Inc., filed a Registration Statement on Form S-1 with the Securities and Exchange Commission in connection with a proposed initial public offering of its units. LMF Acquisition is looking to acquire an entity in the financial services industry, including potentially the financial technology sector, and related business sectors.

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A $75 million base offering is expected, but the underwriters’ over-allotment option could exceed $86.25 million. A Florida limited liability company organized and funded entirely by the Company and its affiliated executives, LMF Acquisition, is owned directly by LMFAO Sponsor LLC. Upon completing the public offering, the Sponsor would own 20% of the outstanding shares of LMF Acquisition. The Management team of the Company will manage LMF Acquisition.

A book-running manager for the offering is Maxim Group LLC.

LMF Acquisition’s Securities Registration Statement has been filed with the Securities and Exchange Commission but has not yet become effective. Before the Registration Statement’s effective date, these securities cannot be sold, and offers to purchase cannot be accepted. These securities shall not be offered or solicited for sale in any state where such offer, solicitation, or sale would constitute an unauthorized offer, solicitation, or sale before registration or qualification under the securities laws of any such state or jurisdiction.

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Summary 

LM Funding America, Inc. (LMFA), operates as a specialty finance company through its subsidiary, LM Funding, LLC. It provides financing to nonprofit community associations primarily located in Florida as well as in Washington, Colorado, and Illinois. Investors saw this development as a positive sign resulting uprise in the LMFA’sstock.

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