LM Funding sells Symbiont blockchain assets to Platonic for $2M cash

LM FUNDING AMERICA, INC.

Sale price $2M cash; $200K held in indemnity escrow until Dec 26, 2024.
Symbiont assets acquired in June 2023 were recorded at $2M on LMFA's books.
Proceeds to fund new mining machines ahead of Bitcoin halving expected in Q2 2024.
Transaction closed Dec 27, 2023; strengthens balance sheet and working capital.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LM FUNDING AMERICA, INC. entered into Asset Purchase Agreement with Platonic Holdings Inc. valued at $2.0 million (effective 2023-12-26).

Action: entry
Agreement: asset purchase
Counterparty: Platonic Holdings Inc.
Value: $2.0 million
Effective: 2023-12-26

Exact text from the filing

On December 26, 2023, LM Funding America Inc. ("Company") entered into an Asset Purchase Agreement ("APA") with Platonic Holdings Inc. ("Platonic") pursuant to which the Company agreed to sell to Platonic the technology assets of Symbiont.io, LLC that the Company previously acquired on June 5, 2023 (the “Symbiont Assets”).

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LM FUNDING AMERICA, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-073439

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