Lendified Reports Second Quarter Results
Toronto, Ontario--(Newsfile Corp. - August 30, 2022) - Lendified Holdings Inc. (TSXV: LHI) ("Lendified" or the "Company") is pleased to announce its financial results for the second quarter ended June 30, 2022. The Company's interim financial statements for the three and six months ended June 30, 2022 and the related management discussion and analysis can be found under the Company's profile on www.sedar.com.
- During the quarter ended June 30, 2022, the Company originated $0.50 million in loans.
- The Company continued to see little delinquency from loans funded since Q4 2020 and remains disciplined in its underwriting criteria.
- The Company approved a proposal to grant stock options and restricted share units (RSUs) to certain board members, officers, and employees of the Company. The proposal provides for the granting of 14,500,000 RSUs vesting one year from the grant date and 1,750,000 options exercisable at a price of $0.05 per common share for a period of five years.
- For the three months ended June 30, 2022 there was a net loss of -$0.13 million representing an improvement of 68% over the preceding quarter (Q1 2022: -$0.39 million). The improvement is primarily due to a higher loan financing margin driven by the recovery from the provision for credit losses.
- On August 17, 2022, the Company announced it has entered into a Common Share Subscription Agreement (the "Subscription Agreement") with a third-party investor in the Company. The Subscription Agreement allows the Company to issue and sell up to $10,000,000 of common shares in the capital of the Company.
ABOUT LENDIFIED HOLDINGS INC.
Lendified, a company located in Ontario, Canada, is a Canadian company operating a lending platform which provides working capital loans to small and medium-sized businesses across Canada.
For further information regarding Lendified, please contact:
Eoghan Bergin, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "continue", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements, including but not limited to, the impacts of general economic conditions, the COVID-19 pandemic and industry conditions. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135444