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Lm Funding America, Inc. Announces Stalking Horse Bid To Purchase The Assets Of Symbiont.Io, Inc. Out Of Chapter 11 Bankruptcy

May 23, 2023•over 2 years ago

Acquiring Company

LM Funding America

Acquired Company

Symbiont.io

MiningBlockchain

Description

LM Funding America, Inc. (NASDAQ: LMFA) ("LM Funding" or the "Company"), a cryptocurrency mining and technology-based specialty finance company, today announced that its $2.6 million "stalking horse" bid to purchase the assets of Symbiont.io, Inc. ("Symbiont"), which is currently in Chapter 11 bankruptcy proceedings, is unopposed and expected to be approved by the bankruptcy court, and an auction that could include other bids is anticipated to take place on May 26, 2023. LM Funding is currently the sole secured creditor for Symbiont as a result of a $2 million secured loan it made to Symbiont in December 2021.

Company Information

Company

LM Funding America

About

LM Funding America, Inc., (Nasdaq: LMFA) together with its subsidiaries, is a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) located in the state of Florida by funding a certain portion of the Associations' rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed