Finance company hauls in nearly $10 million in IPO

TAMPA — LM Funding America Inc., a specialty finance company, is expecting to receive net proceeds more than $9.9 million for its initial public offering.

The company announced Friday the closing of its IPO of 1.2 million units at a price of $10 per share. Each unit consists of one share of common stock and one warrant to purchase an additional share.

LM Funding plans to use the proceeds of its offering for capital growth and general corporate purposes, the announcement says. The units will be listed on the Nasdaq Capital Market.

LM Funding America Inc. is a specialty finance company that provides funding to nonprofit community associations primarily located in Florida. It was founded in 2008.