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LM Funding America gets Nasdaq noncompliance notice

LM Funding America has received a notice from the Nasdaq Listing Qualifications department of The Nasdaq Stock Market LLC indicating that the company's common stock was subject to potential delisting.

The notice indicated that the company's bid price of the common stock dropped below $1.00 per common share over a period of 30 consecutive days. The notification had no immediate effect on the listing or trading of the common stock on the Nasdaq Capital Market.

LM Funding has until Nov. 5 to regain compliance. If the company is unable to regain compliance, it may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the bid price requirement.

The company also reported a first-quarter net loss of $9,000, compared to a loss of $403,000 a year earlier. Total revenues for the quarter decreased to $964,000, compared to $1.0 million in the prior-year quarter.