LMF Acquisition Opportunities in an 8-K filing said it signed a common stock purchase agreement and registration rights agreement with Tumim Stone Capital for up to $100 million of the SPAC’s common stock. Under the terms of the agreement, Tumim is obligated to purchase the shares from time to time at the SPAC’s direction.
The agreement takes effect following LMF’s proposed acquisition of SeaStar Medical, which is developing extracorporeal therapies to reduce the consequences of excessive inflammation on vital organs.
LMF also said it secured a $7 million PIPE from unnamed investors. That’s in addition to a PIPE funded by The Dow Chemical Company Pension Plans, which is an existing SeaStar investor.
Announced in April, the deal has a combined enterprise value of $85 million.
The SPAC, which in abbreviated form is known as LMFAO, raised $90 million in a January 2021 IPO with plans at that time to focus on acquiring a business within the financial services industry and related sectors, including FinTech. The company was focusing on acquisitions with an enterprise value of approximately $250 million to $500 million. Read more.
