LMP Automotive Seeks Stockholder Approval For Plan Of Liquidation; Sells Assets
$GM
$LMPX
Auto Manufacturing
Industrials
- LMP Automotive Holdings Inc (NASDAQ:LMPX) has entered into dealership and real estate asset sale agreements to sell its dealerships in Florida and West Virginia. The terms of the transaction were not disclosed.
- The dealerships include Kia, Subaru Corp (OTC:FUJHF), Chevrolet, Volkswagen AG (OTC:VWAGY), and General Motors Co (NYSE:GM).
- The company anticipates the closing of the sale to occur in October 2022.
- The company's board unanimously recommends that at the next Special Meeting of Stockholders, the company's stockholders vote to approve a proposed plan of liquidation of assets and dissolution.
- The Plan of Liquidation will allow the LMPX board to sell all of the company's assets, distribute the net proceeds to stockholders and dissolve the company.
- "Management believes that upon finalization of the Plan of Liquidation we expect that the Company will be able to distribute approximately $115 million to $126 million to shareholders," said Chairman and CEO Sam Tawfik.
- Price Action: LMPX shares closed higher by 2.91% at $6.73 on Friday.