LM Funding announces 1-for-6 reverse stock split to meet Nasdaq's $1 bid price requirement effective March 12, 2024

LM FUNDING AMERICA, INC.

Reverse split ratio 1:6, effective 12:01 a.m. ET on March 12, 2024; no change to authorized shares.
Split to ensure compliance with Nasdaq continued listing minimum bid price of $1.00 per share.
Chairman cites Q3 2023 revenue growth of 1700% YoY and stockholders' equity of $35.9M as of Sept 30, 2023.
No fractional shares; round up to next whole share; new CUSIP 502074503.
Shareholders approved reverse split range 1:2 to 1:10 at Nov 9, 2023 meeting; Board set ratio on Feb 23, 2024.

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Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.95

LM FUNDING AMERICA, INC.: On March 7, 2024, the Company filed a Certificate of Amendment to its Certificate of Incorporation to effect a one-for-six reverse stock split of its common stock, effective March 12, 2024 (effective 2024-03-12).

Change: charter amendment
Effective: 2024-03-12

Exact text from the filing

On March 7, 2024, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation (the “Certificate of Amendment”) to effect the Reverse Stock Split.

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LM FUNDING AMERICA, INC. filing history →

Source: SEC EDGAR

accession 0000950170-24-028375

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