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LifeMD Inc (LFMD)

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Last Post: 12/23/2021 8:21:39 AM - Followers: 10 - Board type: Free - Posts Today: 0


8:00a ET 12/23/2021 - Dow Jones
Press Release: LifeMD Declares Quarterly Dividend on Series A Cumulative Perpetual Preferred
LifeMD Declares Quarterly Dividend on Series A Cumulative Perpetual Preferred Stock 

NEW YORK, Dec. 23, 2021 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD/LFMDP), a leading direct-to-patient telehealth company, today announced that its Board of Directors has authorized a cash dividend to holders of the Company's 8.875% Series A Cumulative Perpetual Preferred Stock (Nasdaq: LFMDP) equal to $0.622483 per share. 

The preferred dividend will be paid on January 14, 2022, to holders of record at the close of business on January 4, 2022."

"Liquidity Evaluation


As of September 30, 2021, the Company has an accumulated deficit approximating $122.9 million and has experienced significant losses from its operations. Although the Company is showing significant positive revenue trends, the Company expects to incur further losses through the end of 2022."


"Reverse Stock Split


On October 9, 2020, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of Delaware (the “Amendment”) in order to effectuate a 1-for-5 reverse stock split of the Company’s issued and outstanding shares of common stock (the “Reverse Split” or “Split”). The Reverse Split was approved by the Financial Industry Regulatory Authority (FINRA) and became effective in the market on October 14, 2020."

"On February 11, 2021, the Company consummated the closing of a private placement offering (the “February 2021 Offering”), whereby pursuant to the securities purchase agreement (the “February 2021 Purchase Agreement”) entered into by the Company and certain accredited investors on February 11, 2021 the Investors purchased 608,696 shares of the Company’s common stock par value $0.01 per share at a purchase price of $23.00per share for aggregate gross proceeds of approximately $14.0 million (the “Purchase Price”). The Purchase Price was funded on the closing date and resulted in net proceeds to the Company of approximately $13.5 million after deducting fees payable to the placement agent and other estimated offering expenses payable by the Company. The Company intends to use the net proceeds to fund growth initiatives, as well as for general corporate purposes.


On June 1, 2021, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with a financial institution (the “Purchaser”), pursuant to which the Company sold and issued: (i) a senior secured redeemable debenture (the “Debenture”) in the aggregate principal amount of $15.0 million (the “Aggregate Principal Amount”), and (ii) warrants to purchase up to an aggregate of 1,500,000 shares of the Company’s common stock at an exercise price of $12.00 per share (the “Warrant”) of which 500,000 warrants were issued to the Purchaser upon closing with the remaining 1,000,000 warrants only issued to the Purchaser in increments of 500,000 if the Debenture remains outstanding for twelve and twenty four months, respectively, following the closing date of the Purchase Agreement. The Warrant has a term of three years, and the Debenture has a maturity date of three years. The Debenture may be paid fully or in part by the Company at any time prior to maturity without penalty to the Company. The Company received gross proceeds of $15.0 million and intends to use such proceeds for working capital, growth investment and general corporate purposes. In October 2021, the Company used a portion of the net proceeds from the October 4, 2021 Preferred and Common Stock Offerings noted below to pay the $15.0 million outstanding on the June 1, 2021 Purchase Agreement.


On June 8, 2021, the Company filed a shelf registration statement on Form S-3 under the Securities Act of 1933, or “Securities Act”, which was declared effective on June 22, 2021 (the “2021 Shelf”). Under the 2021 Shelf at the time of effectiveness, the Company had the ability to raise up to $150 million by selling common stock, preferred stock, debt securities, warrants and units. In conjunction with the 2021 Shelf, the Company also entered into an At Market Issuance Sales Agreement (the “ATM Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley”) and Cantor Fitzgerald & Co. (“Cantor”, and collectively the “Agents”) relating to the sale of its common stock. In accordance with the terms of the ATM Sales Agreement, the Company may, but is not obligated to, offer and sell, from time to time, shares of common stock having an aggregate offering price of up to $60million, through or to the Agents, acting as agent or principal. Sales of common stock, if any, will be made by any method permitted that is deemed an “at the market offering” as defined in Rule 415 under the Securities Act. The Company intends to use any net proceeds from the sale of securities for our operations and for other general corporate purposes, including, but not limited to, capital expenditures, general working capital and possible future acquisitions. There were 70,786 shares of common stock sold under the ATM Sales Agreement as of September 30, 2021 and net proceeds received were $493,481. The Company had approximately $59.5 million available under the ATM Sales Agreement and $90 million available under the 2021 Shelf as of September 30, 2021.


In September 2021, the Company entered into two underwriting agreements (the “Preferred Underwriting Agreement” and “the Common Underwriting Agreement”) with B. Riley Securities, Inc. (“B.Riley”). Pursuant to the Preferred Underwriting Agreement, the Company agreed to sell 1,400,000 shares of its 8.875% Series A Cumulative Perpetual Preferred Stock, par value $0.0001 per share, (the “Series A Preferred Stock”) at a public offering price of $25.00 per share, prior to deducting underwriting discounts and commissions and estimated offering expenses (the “Preferred Stock Offering”). In addition, the company granted the underwriters an option to purchase up to an additional 210,000 shares of Series A Preferred Stock within 30 days. Under the Common Underwriting Agreement, the Company agreed to sell to B. Riley 3,833,334 shares of common stock (including 500,000 shares pursuant to B. Riley’s option) (the “Common Shares”), par value $0.01 per share, of the Company at a public offering price of $6.00 per share of common stock, prior to deducting underwriting discounts and commissions and estimated offering expenses (the “Common Stock Offering”). The Preferred Stock Offering and Common Stock Offering collectively referred to as the “Offerings”, closed on October 4, 2021. Net proceeds after deducting the underwriting discounts and commissions, the structuring fee and estimated offering expenses payable by the Company, but before repayment of debt, from the Offerings was approximately $55.3 million. The Company used a portion of the net proceeds to pay the $15.0 million outstanding on the June 1, 2021 Purchase Agreement and intends to use the remaining net proceeds to fund the segregated dividend account, for working capital and general corporate purposes including, but not limited to, new patient customer acquisition expenses and capital expenditures.


The Company will pay cumulative distributions on the Series A Preferred Stock, from the date of original issuance, in the amount of $2.21875 per share each year, which is equivalent to 8.875% of the $25.00 liquidation preference per share. Dividends on the Series A Preferred Stock will be payable quarterly in arrears, on or about the 15th day of January, April, July and October of each year. The first dividend on the Series A Preferred Stock sold in this offering will be paid on or about January 15, 2022."


COVID-19 Vaccine Mandate


We are making preparations to comply with a rule issued by the Occupational Safety and Health Administration (“OSHA”) to ensure that our employees are fully vaccinated against COVID-19 by January 4th or that they test negative for COVID-19 at least once per week. Employees must receive time off to get vaccinated and sick leave to recover from any side effects. Any unvaccinated employees must wear face coverings while at work. We are in the process of assessing the financial and staffing impact of these requirements."

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LFMD News: Statement of Changes in Beneficial Ownership (4) 05/19/2022 07:58:02 AM
LFMD News: LifeMD Saves the Day on Improved Q1 Performance 05/16/2022 05:22:26 AM
LFMD News: Why Did B.Riley Financial Upgrade LifeMD’s Stock? 05/16/2022 03:25:30 AM
LFMD News: Quarterly Report (10-q) 05/13/2022 05:28:38 AM
LFMD News: Proxy Statement (definitive) (def 14a) 04/29/2022 06:01:01 AM
#146   “ 8:00a ET 12/23/2021 - Dow Jones StockLogistics 12/23/21 08:21:39 AM
#145   4.88 https://www.lifemd.com/ barnyarddog 12/09/21 12:04:32 AM
#144   Another premarket bull trap set by some clown StockLogistics 12/01/21 08:42:58 AM
#143   LFMD gap at .50 imo StockLogistics 11/23/21 07:37:34 AM
#142   “ Liquidity Evaluation StockLogistics 11/12/21 07:19:00 AM
#141   Short interest 6.84% as of 10/29/21 StockLogistics 11/11/21 09:41:33 AM
#140   One of the best turnarounds on the market, StockLogistics 11/11/21 06:59:24 AM
#139   “4:05p ET 11/10/2021 - Dow Jones StockLogistics 11/11/21 06:56:36 AM
#138   “8:00a ET 11/8/2021 - Globe Newswire StockLogistics 11/10/21 06:52:55 AM
#137   closed all short term gaps today, best telehealth StockLogistics 11/09/21 07:16:34 PM
#136   5$ shares … all day long … LFMD pmunch 10/19/21 11:44:31 AM
#135   LFMD 5$ pathos pmunch 10/12/21 02:12:40 PM
#134   Look at MITI - similar situation goingforittoday 10/11/21 06:22:50 PM
#133   And they diluted through October 4th StockLogistics 10/01/21 09:15:25 AM
#132   Chart is getting ready to roar keeping an StockLogistics 09/23/21 09:24:35 AM
#131   Chart ? Wow ! Is it At bottom pmunch 09/23/21 09:10:30 AM
#130   LFMD Best in class and the best chart StockLogistics 09/23/21 08:39:57 AM
#129   https://www.globenewswire.com/en/news-release/2021/08/30/2288276/6480/en/LifeMD- pmunch 08/30/21 03:14:36 PM
#128   PR today : Strategic partnership provides LifeMD with pmunch 08/30/21 03:13:58 PM
#127   yeah no chance xrymd 08/20/21 07:32:43 PM
#126   6$ now and dropping … 30$ target ??? pmunch 08/17/21 10:13:54 AM
#125   Where is Happy Investor (louis Silver). We want xrymd 08/16/21 09:02:44 PM
#124   Ya....what a kick in the nutz. Chuckles759 08/13/21 01:12:00 PM
#123   7$ stock now … Geeez LFMD pmunch 08/13/21 01:04:56 PM
#122   Awesome....I was tired of waiting for the Victoria's Chuckles759 08/01/21 09:20:26 PM
#121   Facebook and Instagram loaded with RexMD erectile dysfuction pmunch 08/01/21 12:28:52 PM
#120   Ouch. At least it's not a new Chuckles759 07/13/21 08:06:29 PM
#119   9$ shares …. Sad pmunch 07/13/21 01:40:25 PM
#118   I dunno...looks almost even between buying and selling. Chuckles759 07/06/21 03:22:34 PM
#117   Looks like Life is losing the battle to pmunch 07/06/21 01:54:22 PM
#116   I think all the money is going into Chuckles759 07/02/21 01:37:04 PM
#115   From the looks of the share price....something else Chuckles759 07/02/21 01:18:02 PM
#114   https://www.otcmarkets.com/stock/AIMLF/news/CVS-Health-AIML-Innovations-Reliq-He pmunch 07/02/21 08:45:02 AM
#113   LFMD update in email alert: LifeMD (NASDAQ: LFMD) CEO pmunch 07/02/21 08:42:36 AM
#112   Looking at the delayed trades it's pretty evenly Chuckles759 06/30/21 10:25:55 AM
#111   Not sure why but it lacks buying pmunch 06/30/21 10:15:55 AM
#110   Think it's a result of any of Culper's Chuckles759 06/30/21 10:05:59 AM
#109   Big DROP here ? 11$ pmunch 06/30/21 09:55:42 AM
#108   Just wanted to drop a note that I'm Chuckles759 06/28/21 04:51:42 PM
#107   LifeMD Files for Shelf Offering of Up to pmunch 06/21/21 03:51:42 PM
#106   Good Morney Smart Money Followers, Over the weekend, pmunch 06/21/21 01:17:24 PM
#105   Run baby!! Back to 30$ please pmunch 06/08/21 05:42:52 PM
#104   Hmmm, Reddit ?? I hope there are better forums pmunch 05/28/21 09:46:36 AM
#103   Announcement today: Two plaintiff lawsuits vs LFMD have Happy Investor 05/28/21 08:42:23 AM
#102   https://www.reddit.com/r/LFMD/ playofthedivine 05/27/21 08:15:08 PM
#101   Post the links, would love to hear more pmunch 05/26/21 12:52:11 PM
#100   This LFMD community is dead. Reddit and Yahoo Happy Investor 05/26/21 08:46:33 AM
#99   Up more than 80% in 5 trading days. Happy Investor 05/20/21 04:07:18 PM
#98   See beneficial ownership cvhanges above. Officers are buying! Happy Investor 05/19/21 04:51:25 PM
#97   Yesterday and so far today the short sellers Happy Investor 05/19/21 10:54:02 AM
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