LMP Automotive Holdings, Inc. Receives $192 Million Finance Commitment from Truist Bank for its Stage 1 Southeast Acquisitions
LMP Automotive Holdings, Inc. (LMPX)
Company Research
Source: GlobeNewswire
FORT LAUDERDALE, Fla., Dec. 22, 2020 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ: LMPX) (the “Company” or “LMP”), an e-commerce and facilities-based platform for consumers who desire to buy, sell, subscribe to or finance pre-owned and new automobiles, today announced it has entered into a commitment letter with Truist Bank for a $192 Million financing (subject to terms and conditions set forth in the commitment letter) for the Company’s Stage 1 southeast acquisitions. Sam Tawfik, LMP’s Chief Executive Officer, stated, “We intend to use the proceeds to fund the consummation of our stage 1 acquisitions which consist of 13 dealerships, including 12 new vehicle franchises, and 6 parcels of dealership real estate totaling approximately 67 acres in the Southeast. A portion of the proceeds will be utilized for new and used vehicle floorplan plus working capital. We expect the stage 1 closing to occur in January 2021, subject to customary closing conditions and manufacturer a
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- LMP Automotive Holdings, Inc. today announced it will issue a shareholder liquidation distribution of $0.20 per share on February 7, 2024, to all shareholders as of record of January 31, 2024, and Provided a Corporate UpdateGlobeNewswire