LifeMD plans to offer $35 million cumulative perpetual preferreds

By Wendy Van Sickle

Columbus, Ohio, Sept. 28 – LifeMD, Inc. began an underwritten registered public offering of 1.4 million shares of its series A cumulative perpetual preferred stock for a liquidation preference of $35 million, according to a news release.

There will be a 30-day greenshoe for $5.25 million, or 210,000 shares, of the preferreds.

B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc., Colliers Securities LLC and EF Hutton are the bookrunners. Aegis Capital Corp., Benchmark Co., LLC, Boenning & Scattergood, Inc., Chapin Davis Investments and B.C. Ziegler & Co. are co-managers.

Proceeds will be used to fund a segregated dividend account and to repay a portion of some debt, and the remaining net proceeds will be used for working capital and general corporate purposes, including, but not limited to, new patient customer acquisition expenses and capital expenditures.

Based in New York, LifeMD is a direct-to-patient telehealth company, offering cash-pay virtual medical care across all 50 states.

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