TAMPA, June 06, 2023 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Firm”), a Bitcoin mining and technology-based specialty finance firm, at this time introduced that its $2.6 million “stalking horse” bid to buy the property of Symbiont.io, Inc. (“Symbiont”), which is at the moment in Chapter 11 chapter proceedings, was authorized by the chapter court docket on June 2, 2023. LM Funding was the only real secured creditor for Symbiont on account of a $2 million secured mortgage it made to Symbiont in December 2021, and has now acquired Symbiont’s property with a credit score bid.
Bruce M. Rodgers, Chairman and CEO of LM Funding commented, “We’re within the lucky place of getting now acquired the property of Symbiont, together with these associated to its Meeting™ monetary companies blockchain enterprise platform. We at the moment intend to pursue strategic relationships to supply Meeting™ to establishments to situation, observe and handle monetary devices, corresponding to information, loans, and securities. Moreover, we plan to discover and contemplate, different use circumstances for the Symbiont property and Meeting™ platform.”
Symbiont was fashioned in 2013 to assist monetary establishments leverage the Bitcoin blockchain to cut back danger, save prices, and enhance effectivity. Symbiont Meeting™ is a blockchain platform for constructing and working decentralized functions known as “sensible contracts.” Early on, Symbiont raised cash from credible buyers, together with the previous CEO of the New York Inventory Alternate, and fashioned a board comprised of a former Governor of Delaware, former Commissioner of the Securities Alternate Fee, Former CEO of NYSE, Euronext and the Intercontinental Alternate, and representatives from the London Inventory Alternate. Symbiont gained contracts with giant establishments together with index-fund chief Vanguard. In 2022, Vanguard and State Road used Symbiont’s platform for a international alternate ahead contract. Extra just lately, SWIFT, which helps banks transfer cash throughout borders, introduced it was utilizing Symbiont’s know-how.
Symbiont filed for Chapter 11 chapter safety on Dec. 1, 2022. The New York-based firm stated its property and liabilities each ranged between $1 million and $10 million, in line with a submitting with the U.S. Chapter Court docket for the Southern District of New York. LM Funding was listed as a secured creditor and was owed $2 million plus curiosity and bills. LM Funding made a stalking horse credit score bid to buy Symbiont’s property.
“We’ve got spoken with Symbiont’s technical specialists and a number of other prospects,” said Rodgers. “We consider now we have the chance to make Symbiont’s know-how income producing by forming strategic relationships with know-how corporations to finish tasks and develop additional options for potential Symbiont prospects.” Rodgers completed by stating, “Symbiont’s engineers, programmers, and technologists have created one thing significant, and we hope to work with that caliber of individuals going ahead.”
About LM Funding America
LM Funding America, Inc., (Nasdaq: LMFA) along with its subsidiaries, is a cryptocurrency mining enterprise that commenced Bitcoin mining operations in September 2022. The Firm additionally operates a technology-based specialty finance firm that gives funding to nonprofit group associations (Associations) situated within the state of Florida by funding a sure portion of the Associations’ rights to delinquent accounts which are chosen by the Associations arising from unpaid Affiliation assessments.
This press launch could comprise forward-looking statements made pursuant to the Non-public Securities Litigation Reform Act of 1995. Phrases corresponding to “anticipate,” “consider,” “estimate,” “anticipate,” “intend,” “plan,” and “challenge” and different comparable phrases and expressions are supposed to suggest forward-looking statements. Ahead-looking statements are usually not guaranties of future outcomes and circumstances however fairly are topic to numerous dangers and uncertainties. A few of these dangers and uncertainties are recognized within the firm’s most up-to-date Annual Report on Type 10-Ok and its different filings with the SEC, which can be found at www.sec.gov. These dangers and uncertainties embrace, with out limitation, uncertainty created by the COVID-19 pandemic, the chance of not efficiently commercializing or realizing worth from the Symbiont property, the dangers of working within the cryptocurrency mining enterprise, the capability of our bitcoin mining machines and our associated capacity to buy energy at cheap costs, and the capacity to finance our deliberate cryptocurrency mining operations. The prevalence of any of those dangers and uncertainties might have a fabric adversarial impact on our enterprise, monetary situation, and outcomes of operations.
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