A Rare Coin; LM Funding America, Inc. (NASDAQ: LMFA) Announces Strategic Partnership with Luxor Technology Corporation
LM Funding” or the “Company, a Bitcoin mining and technology-based specialty finance company, today announced a strategic partnership between its US Digital Mining and Hosting Co subsidiary (“USDM”) and Luxor Technology Corporation (“Luxor”), a leader in Bitcoin mining software services, for the deployment of LuxOS firmware on the Company’s Bitcoin mining fleet.
Bruce M. Rodgers, Chairman and CEO of LM Funding, stated, "We are very pleased about this partnership as it enhances our hashrate by another 10-15% without any additional hardware investment. This enables us to mine more Bitcoin at higher margins and increase profitability.”
The LuxOS firmware upgrade was completed in early February 2025 and is expected to optimize the Company’s machines, increase efficiency and hashrate, and improve overall system reliability across various operational conditions. LM Funding expects this software upgrade to enhance its Bitcoin mining efficiency by 10-15%, directly resulting in higher profitability and extending machine life.
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Let’s Make a Deal; FibroGen (NASDAQ: FGEN) Sells FibroGen China to AstraZeneca for $160M
?FibroGen, Inc. (NASDAQ:FGEN) today announced the sale of its China subsidiary to AstraZeneca (NASDAQ:AZN) for approximately $160 million.
“Today, we announced the sale of FibroGen China to AstraZeneca, our long-time strategic partner for Roxadustat in China, bolstering our company on several fronts. It strengthens our financial position, meaningfully extending our cash runway into 2027, and enables us to continue progressing the clinical development program for FG-3246, our first-in-class, CD46 targeting antibody drug conjugate, and FG-3180, our companion PET imaging agent, in mCRPC,” said Thane Wettig, Chief Executive Officer of FibroGen. “After a thorough evaluation of alternatives, we believe selling our China operations and repaying our term loan is in the best interest of FibroGen’s stakeholders. We are grateful for our China colleagues, and particularly Christine Chung, our Head of China Operations, for their unwavering commitment to patients and successful commercialization of Roxadustat in China. Now, we turn the page to the next exciting chapter for FibroGen.”
Under the terms of the agreement, FibroGen will receive an enterprise value of $85 million plus FibroGen net cash held in China at closing, currently estimated to be approximately $75 million, totaling approximately $160 million. The transaction is expected to close by mid-2025, pending customary closing conditions, including regulatory review in China. Following the close of the transaction, FibroGen will repay its term loan facility to investment funds managed by Morgan Stanley Tactical Value, further simplifying the Company’s capital structure. The combined transactions are expected to extend the Company’s cash runway into 2027.