Lm Funding America Announced That It Has Signed A $2M Agreement To Sell Symbiont's Blockchain Technology To Platonic Holdings
Portfolio Pulse from Benzinga Newsdesk
LM Funding America (LMFA) has entered into a $2M agreement to sell the blockchain technology assets of Symbiont.IO to Platonic Holdings. $200,000 of the sale will be held in escrow until December 26, 2024. LMFA acquired these assets during Symbiont.IO's Chapter 11 bankruptcy proceedings, and they are valued at $2M on LMFA's books.
December 28, 2023 | 2:01 pm
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LM Funding America has sold Symbiont.IO's blockchain assets to Platonic Holdings for $2M, with part of the payment held in escrow. This sale could potentially reflect positively on LMFA's financials.
The sale of the blockchain assets is directly related to LMFA's strategic financial maneuvers and could be seen as a positive development, potentially leading to a short-term increase in stock price. The fact that the assets are recorded at the same value as the sale price suggests a neutral impact on the balance sheet, but the inflow of cash could be viewed positively by investors. The escrow arrangement indicates a level of caution until the end of 2024, which may slightly temper investor enthusiasm.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100