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LM Funding America completes acquisition of insurance broker IIU

LM Funding America completed the acquisition of medical insurance broker IIU Inc. from Craven House Capital PLC for approximately $5.1 million.

The consideration will be satisfied through the cancellation of IIU's $1.5 million promissory note held by LM Funding and the issuance of the acquirer's convertible promissory note to Craven for the remaining purchase price of about $3.6 million.

The convertible promissory note will carry an annual interest rate of 3% and is payable in cash or in LM Funding common shares, at a conversion price of $2.41 per share. It will mature 360 days after the completion of the transaction.

The purchase price was changed from that previously announced as LM Funding is no longer buying some of the IIU assets, which are being moved to IIU's parent company, Craven House Capital North America.

In November 2018, Craven acquired 640,000 shares in LM Funding.