SeaStar Medical, Inc., a medical technology company developing
proprietary solutions to reduce the consequences of
hyperinflammation on vital organs, today announced that it has
completed its previously announced business combination with LMF
Acquisition Opportunities, Inc. (NASDAQ:LMAO) (LMAO), a special
purpose acquisition company sponsored by LM Funding America, Inc.
(NASDAQ: LMFA). The business combination closed on October 28,
2022.
Following the closing of the business combination, LMF
Acquisition Opportunities, Inc. was renamed SeaStar Medical Holding
Corporation and will operate under the same management team as
SeaStar Medical, which is led by Eric Schlorff, CEO. Caryl Baron
will serve as interim CFO. The common stock and warrants of SeaStar
Medical Holding Corporation are expected to begin trading on Nasdaq
on October 31, 2022, under the new ticker symbols “ICU” and
“ICUCW,” respectively.
The transaction was unanimously approved by both Boards of
Directors of SeaStar Medical and LMAO. The holders of a majority of
the SeaStar Medical voting power have approved the merger.
Stockholders of LMAO approved the transaction at a special meeting
of LMAO stockholders on October 18, 2022, with more than 96% of the
votes cast supporting the transaction.
Eric Schlorff, President and Chief Executive Officer of SeaStar
Medical Holding Corporation, stated, “We are excited to begin the
next phase of our journey as a public company. This transaction
provides us greater resources to advance our Selective Cytopheretic
Device (SCD) for patients suffering from the devastating
consequences of hyperinflammation. We have submitted our
Humanitarian Device Exemption (HDE) application to the U.S. Food
and Drug Administration (FDA) for pediatric use, and we plan to
launch a pivotal study of the SCD in adults with acute kidney
injury (AKI) in the first quarter of 2023. As a public company, we
will be better positioned to move these programs forward.”
Bruce M. Rodgers, Chairman and CEO of LM Funding, the sponsor of
LMF Acquisition Opportunities, commented, “We are proud that all of
our hard work over the past several years has led us to this very
significant milestone. We are extremely pleased that the
transaction received the overwhelming support of the stockholders
of LMF Acquisition and believe it will unlock significant value for
the stockholders of LM Funding and SeaStar Medical. We look forward
to supporting SeaStar Medical Holding Corporation as they continue
to advance potentially lifesaving therapies as a public
company.”
Maxim Group LLC served as sole financial advisor and Morgan
Lewis & Bockius LLP served as legal counsel to SeaStar Medical
in connection with the business combination. Foley & Lardner
LLP served as legal counsel to LMAO in connection with the business
combination. Ellenoff Grossman & Schole LLP served as legal
counsel to Maxim Group LLC.
About SeaStar Medical, Inc.
Denver-based SeaStar Medical is a medical technology company
that is focusing on redefining how extracorporeal therapies may
reduce the consequences of excessive inflammation on vital organs.
SeaStar Medical’s novel technologies rely on science and innovation
to provide life-saving solutions to critically ill patients. It is
developing and commercializing extracorporeal therapies that target
the effector cells that drive systemic inflammation, causing direct
tissue damage and secreting a range of pro-inflammatory cytokines
that initiate and propagate imbalanced immune responses. For more
information visit http://www.seastarmedical.com/ or visit
us on LinkedIn or Twitter.
About LM Funding America, Inc.
LM Funding America, Inc., (Nasdaq: LMFA) together with its
subsidiaries, is a cryptocurrency mining business that commenced
Bitcoin mining operations in September 2022. The Company also
operates a technology-based specialty finance company that provides
funding to nonprofit community associations (Associations)
primarily located in the state of Florida, as well as in the states
of Washington, Colorado, and Illinois, by funding a certain portion
of the Associations' rights to delinquent accounts that are
selected by the Associations arising from unpaid Association
assessments.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1955.
These forward-looking statements include, without limitation,
SeaStar Medical Holding Corporation’s, LMAO’s and SeaStar Medical’s
expectations with respect to the proposed business combination
between LMAO and SeaStar Medical, including statements regarding
the benefits of the transaction, the ability of SeaStar Medical
Holding Corporation to achieve value for its stakeholders, the
implied valuation of SeaStar Medical, the products offered by
SeaStar Medical Holding Corporation and the markets in which it
operates, and the expected timing of regulatory approval of SeaStar
Medical Holding Corporation’s products. Words such as “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to significant risks and uncertainties that
could cause the actual results to differ materially from the
expected results. Most of these factors are outside LMAO’s and
SeaStar Medical’s control and are difficult to predict. Factors
that may cause actual future events to differ materially from the
expected results, include, but are not limited to: (i) the
inability to recognize the anticipated benefits of the business
combination, which may be affected by, among other things,
competition and the ability of the post-combination company to grow
and manage growth profitability and retain its key employees, (ii)
costs related to the business combination, (iii) the outcome of any
legal proceedings that may be instituted against SeaStar Medical
Holding Corporation following the announcement of the closing of
the business combination, (x) the ability to maintain the listing
of its securities on the Nasdaq, (iv) the ability to implement
business plans, forecasts, and other expectations after the
completion of the proposed business combination, and identify and
realize additional opportunities, (v) the risk of downturns and the
possibility of rapid change in the highly competitive industry in
which SeaStar Medical Holding Corporation operates, (vi) the risk
that SeaStar Medical Holding Corporation and its current and future
collaborators are unable to successfully develop and commercialize
its products or services, or experience significant delays in doing
so, including failure to achieve approval of its products by
applicable federal and state regulators, (vii) the risk that
SeaStar Medical Holding Corporation may never achieve or sustain
profitability; (viii) the risk that SeaStar Medical Holding
Corporation may need to raise additional capital to execute its
business plan, which many not be available on acceptable terms or
at all; (ix) the risk that third-parties suppliers and
manufacturers are not able to fully and timely meet their
obligations, (x) the risk of product liability or regulatory
lawsuits or proceedings relating to SeaStar Medical’s products and
services, (xi) the risk that SeaStar Medical Holding Corporation is
unable to secure or protect its intellectual property, and (xiii)
other risks and uncertainties indicated from time to time in LMAO’s
registration statement on Form S-4, as amended (File No.
333-264993), including those under the “Risk Factors” section
therein and in LMAO’s other filings with the SEC. The foregoing
list of factors is not exhaustive. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and SeaStar Medical,
LMAO and SeaStar Medical Holding Corporation assume no obligation
and do not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Media Relations Contact:Patty
CaballeroEmail: patty@pscconsulting.netTel: 862.216.7523
SeaStar Medical Investor Contact:JTC Team,
LLCJenene ThomasTel: (833) 475-8247Email: SeaStar@jtcir.com
LM Funding Investor Contact:Crescendo
Communications, LLCDavid Waldman or Ted AyvasTel:
212-671-1020Email: lmfa@crescendo-ir.com
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