On January 28, 2021, LMF Acquisition Opportunities, Inc. (“LMF Acquisition”), a special purpose acquisition company organized by LM Funding America, Inc. (the “Company”), announced the closing of an initial public offering of units (“Units”). Effective January 25, 2021, Martin A. Traber resigned as a member of the board of directors of the Company (the “Board”) and became a director of LMF Acquisition. Mr. Traber’s resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies, or practices. On January 29, 2021, the Board appointed Frank Silcox, effective immediately, to serve as a director to fill the vacancy resulting from Mr. Traber’s resignation. Mr. Silcox was appointed as a “Class III” director for a term that ends at the 2022 annual meeting of stockholders. Mr. Silcox was also appointed to serve on the Compensation Committee and Nominating and Governance Committee of the Board. Mr. Silcox, age 57, was the original founder of the Company in January 2008 and thereafter ceased to be an equity holder and management member in 2014. Since March 2015, Mr. Silcox has been a partner with Osprey Capital, and since March 2015, Mr. Silcox has been Managing Director of Osprey Capital.
LM Funding America, Inc. together with its subsidiaries, is a cryptocurrency mining and technology-based specialty finance company. Its segments include Specialty Finance and Mining Operations. It offers funding to nonprofit community associations (Associations) primarily located in the state of Florida. It provides incorporated nonprofit community associations. Its original product offering consists of providing funding to Associations by purchasing their rights under delinquent accounts that are selected by the Associations arising from unpaid Association assessments. In addition to its original product offering, the Company also purchase accounts on varying terms to suit each Associationâs financial needs, including under its New Neighbor Guaranty program. Under New Neighbor Guaranty program, an Association assigns substantially all of its outstanding indebtedness and accruals on its delinquent units to the Company in exchange for payment of monthly dues on each delinquent unit.