- The stock price of LM Funding America Inc (NASDAQ: LMFA) increased by 15.02% as it went from a previous close of $2.13 to $2.45 and it hit a day high of $3.70. This is why it happened.
The stock price of LM Funding America Inc (NASDAQ: LMFA) increased by 15.02% as it went from a previous close of $2.13 to $2.45 and it hit a day high of $3.70. On January 8, LM Funding America — a special purpose acquisition company and an indirect subsidiary of the company (LMF Acquisition) — filed a Registration Statement on Form S-1 with the SEC in connection with a proposed initial public offering of its units.
LMF Acquisition plans to search for a target in the financial services industry, including potentially the financial technology (FinTech) sector and related sectors. The proposed public offering is expected to have a base offering size of $75 million — or up to $86.25 million if the underwriters’ over-allotment option is exercised in full.
LMF Acquisition is directly owned by LMFAO Sponsor, LLC, which is a Florida limited liability company. Under the terms of the proposed public offering, LMFAO Sponsor would own 20% of LMF Acquisition’s issued and outstanding common stock upon the consummation of the offering. And LMF Acquisition will be managed by the Company’s management team.
Maxim Group LLC had acted as sole book-running manager for the offering.
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