Legion Capital Corporation (OTCQB: LGCP), a fintech enabled private equity lender, has re-qualified its $75 million Reg A+ offering and increased the maximum issuance of preferred stock shares in the offering from $20 million to $30 million.
“Independent broker-dealer community demand for Legion’s short-term bonds and preferred stock shares continues to increase,” said Jason Plucinak, vice president of corporate finance, who leads broker-dealer and registered investment adviser distribution for the firm. “As a result, we have increased the allowable maximum issuance of preferred shares…in order to meet both ongoing demand as well as our plans to continue the growth of our lending business and footprint.”
Legion’s re-qualification also eliminated the automatic rollover provision for the offering’s short-term bonds, which Plucinak said “will better allow [the firm’s] financial representative partners to adhere to Reg BI and other best practices in compliance and suitability.”
Legion’s Regulation A+ offering provides short-term, corporate bonds with maturities of one, two, and three years, as well as redeemable preferred stock shares. Sequence Financial Specialists serves as managing broker dealer.
Separately, Legion Capital recently released its audited financial results for fiscal year 2021 and reported its first annual profit since inception of $279,600 compared to reported losses of $2.9 million in 2020. The company ended 2021 with $16.9 million of cash, compared with $1.2 million in 2020, a 1,277 percent increase.
Revenue increased from nearly $2.4 million in 2020 to $3.3 million in 2021, a 39 percent increase. Shareholder equity increased from $285,125 in 2020 to $10.2 million in 2021, a 4,091 percent increase.
Legion Capital Corporation provides financing for small- and medium-sized businesses and real estate developers. The firm provides bridge funding, acquisition finance, development, and growth capital.