Tampa finance firm has a merger deal
March 23, 2020 - LM Funding American Inc. has agreed to combine its business with the asset management businesses of Hanfor Limited, owned by BZ Industrial Limited. LM Funding (Nasdaq: LMFA) is a specialty finance company based in Tampa that provides funding to nonprofit community associations. Hanfor is a fund manager in China that manages multiple classes of alternative assets with a focus on private equity. Hank Han, chairman of Hanfor, will lead the combined company following the closing, which is expected to take place in the second half of the year, a news release said. BZI agreed to pay LM Funding $1.25 million for about 520,833 shares of LM Funding common shares at $2.40 per share in a private placement. After the deal closes, LM Funding shareholders will own about 12 percent of the combined company’s outstanding shares.