Lmp Automotive Hldgs Inc Stock Price, News & Analysis

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced it will release its fourth quarter and full year 2020 financial results on March 25, 2021, after market close. A conference call will follow at 4:30 p.m. ET to discuss these results and the company's business performance. LMP Automotive aims to consolidate with automotive dealership groups, offering a variety of vehicle ownership lifecycle services through its innovative e-commerce platform. The company stresses its focus on operational efficiencies, customer acquisition cost reduction, and geographical expansion.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has acquired a majority interest in LTO Holdings, LLC, through its subsidiary, LMP Finance, LLC. The deal, valued at $675,000, includes $225,000 in cash, a $225,000 working capital contribution, and 16,892 shares of LMP's common stock. This acquisition enhances LMP's e-commerce and leasing operations in the Northeast, adding a reconditioning center and expanding fulfillment capabilities. The partnership is expected to boost margins and storage capacity by approximately 350 vehicles, strengthening LMP's market position.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has successfully closed its stage 1 acquisitions, achieving expected revenues that could increase by over 700% this month compared to the average month in Q3 2020. The acquisitions include 8 dealerships and 4 real estate parcels, constituting 84% of anticipated Stage 1 income. The company aims to enhance its e-commerce platform, expand inventory, and improve fulfillment efficiency. CEO Sam Tawfik and COO Richard Aldahan emphasized the strategic importance of these moves for growth and profitability.

On February 26, 2021, LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced the closure of a private placement to institutional investors, raising approximately $20 million. The funds will be utilized for growth initiatives, including Stage 1 Acquisitions, expected to close in early March, and for working capital. LMP issued 20,100 shares of Series A Convertible Preferred Stock, convertible at $17.50 per share, alongside warrants for 861,429 common shares at an exercise price of $21.00. ThinkEquity served as the sole placement agent.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has entered into securities purchase agreements to raise approximately $20 million from institutional investors. The proceeds will be utilized for growth initiatives, including the closing of Stage 1 Acquisitions starting in March, and for working capital. LMP plans to issue 20,100 shares of Series A Convertible Preferred Stock, convertible at $17.50 per share, along with warrants for 861,429 shares at an exercise price of $21.00. The transaction is subject to customary closing conditions.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced the engagement of KPMG LLP as its independent auditor for the fiscal year ending December 31, 2021. The company expects to finalize stage 1 acquisitions involving 13 dealerships, generating estimated revenues of $510 million to $540 million and net income of $20.6 million to $21 million, translating to an EPS of $1.89 to $1.92. Additionally, LMP is expanding its e-commerce platform, increasing vehicle storage capacity and optimizing delivery strategies. However, an acquisition agreement with Atlantic Automotive Group has been terminated due to location issues.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has revised its acquisition agreement for Atlantic Automotive Group (AAG) to a total value of $330 million. This includes a mix of cash and common stock, while excluding certain dealerships. The deal is expected to generate approximately $655 million in revenue and $25.1 million in net income for AAG, significantly benefiting LMPX by adding $15 million in annualized net income for 2021. The acquisition is projected to close in April 2021, enhancing LMPX's position in the lucrative automotive market.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced receiving manufacturer approval from General Motors for its subsidiaries related to stage 1 Southeast acquisitions. This approval marks a significant partnership with GM, ranked 18th on the Fortune 500 list. Richard Aldahan, COO of LMP, expressed gratitude for GM's trust in LMP. The transaction is subject to customary closing conditions, highlighting the strategic importance of this relationship for LMP's operations in the automobile market.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced a commitment for $192 million financing with Truist Bank to fund Stage 1 acquisitions, targeting 13 dealerships in the Southeast. The acquisition is expected to enhance income, adding approximately 2,300 vehicles worth $58 million. The company projects 2021 revenues between $510 million to $540 million and adjusted EBITDA of $22 million to $24 million. In 2022, expected revenues rise to $590 million with $29 million EBITDA. The new partnerships aim to strengthen LMP's e-commerce platform and improve delivery and fulfillment capabilities.