LMFA - LM Funding's $2.6M stalking horse bid to buy Symbiont.io assets likely to be cleared
2023-05-23 10:15:48 ET
- LM Funding America ( NASDAQ: LMFA ) said Tuesday its $2.6M stalking horse bid to buy assets of Symbiont.io, which is undergoing Chapter 11 bankruptcy proceedings, is unopposed and expected to be cleared by the bankruptcy court .
- An auction that could include other bids will be held on May 26.
- LM Funding ( LMFA ) is the sole secured creditor for Symbiont as a result of a $2M secured loan it gave to the firm in 2021.
- Symbiont filed for Chapter 11 bankruptcy protection late last year. Its assets and liabilities both ranged between $1M and $10M.
- "If we successfully acquire the assets, we intend to pursue joint ventures and/or other strategic relationships to offer the Assembly blockchain platform to institutions to issue and manage financial instruments," said LM Funding ( LMFA ) CEO Bruce Rodgers.
- "We also plan to investigate and consider other use cases for Symbiont's assets and Assembly platform," he added.
- Last week, LM Funding ( LMFA ) reported Q1 results.
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LM Funding's $2.6M stalking horse bid to buy Symbiont.io assets likely to be cleared