The sale price will be held in escrow until Dec. 26, 2024, and LMFA will acquire the assets of Symbiont.IO as debtor in possession in its Chapter 11 bankruptcy case and record them on the company's books.
"We believe this transaction provides the Company with the necessary funds to grow our bitcoin mining business, including the acquisition of more mining equipment, in preparation for the anticipated Bitcoin halving event for the second quarter of 2024," Bruce Rodgers, chairman and CEO of LM Funding, said,
"Additionally, the transaction provides the Company with extra working capital to strengthen our balance sheet," Rodgers added.
Price Action: LMFA shares are down 12% at $0.8050 on the last check Thursday.
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