LM Funding prices $6.5M registered direct offering

LM Funding (LMFA) America “announced that it has entered into securities purchase agreements with institutional investors to purchase 1,822,535 shares of common stock and 7,332,395 pre-funded warrants in lieu of shares of common stock along with warrants to purchase up to an aggregate of 9,154,930 shares of common stock in a registered direct offering. The combined effective offering price for each share of common stockand accompanying warrant is $0.71. The warrants will have an exercise price of $0.71, be exercisable beginning on the effective date of stockholder approval and will expire on the five-year anniversary from the date of stockholder approval. In addition, the Company agreed to reduce the exercise price on outstanding warrants to purchase 3,472,740 shares of common stock held by an investor from $2.95 to $0.87. Maxim Group LLC is acting as the sole placement agent in connection with the offering.”