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PLANTATION, FL / ACCESSWIRE / December 9, 2019 / LMP Automotive Holdings, Inc. (LMPX) (the "Company"), an e-commerce and facilities-based platform for consumers who desire to buy, sell, rent, subscribe for or finance pre-owned and new automobiles, today announced the closing of its initial public offering of 2,645,000 shares of its common stock at a public offering price of $5.00 per share, which includes 345,000 shares sold upon full exercise of the underwriters' option to purchase additional shares of common stock. The gross proceeds from the offering, including the exercise of the over-allotment option, were $13,225,000, prior to deducting underwriting discounts, commissions and other offering expenses.
ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering.
The Company intends to use the net proceeds from the offering primarily for strategic acquisitions, to build the Company's vehicle inventory, for working capital and other general corporate purposes.
The shares described above were offered by the Company by means of a prospectus forming part of and pursuant to registration statements on Form S-1 (Files No. 333-232172 and 333-235353) previously filed with, and subsequently declared effective by the Securities and Exchange Commission (SEC) or automatically effective, as applicable, on December 4, 2019.
Copies of the final prospectus relating to the offering, dated December 4, 2019, may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at firstname.lastname@example.org. Electronic copies of the final prospectus are also be available on the SEC's website at http://www.sec.gov.
Pryor Cashman LLP acted as legal counsel to the Company and McGuireWoods LLP acted as legal counsel to the underwriters.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About LMP Automotive Holdings, Inc. - "Buy, Rent or Subscribe, Sell and Repeat."
LMP Automotive Holdings, Inc. (LMPX) describes its business model as "Buy, Rent or Subscribe, Sell and Repeat." This means that we "Buy" pre-owned automobiles primarily through auctions or directly from other automobile dealers, and new automobiles from manufacturers and manufacturer distributors at fleet rates. We "Rent or Subscribe" by either renting automobiles to our customers or allowing them to enter into our subscription plan for automobiles in which customers have use of an automobile for a minimum of thirty (30) days. LMP's all-inclusive vehicle subscription membership includes monthly swaps and covers insurance, maintenance and upkeep. It offers the flexibility to upgrade your vehicle to a more premium model or downgrade for a lesser cost model when you like. We "Sell" our inventory, including automobiles previously included in our rental and subscription programs, to customers as well, and then we "Repeat" the whole process.
President and Founder
For more information visit: https://lmpmotors.com/.
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar matters that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: our dependence upon external sources for the financing of our operations; our ability to effectively executive our business plan; our ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our services and platform; our ability to manage the growth of our operations over time; our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others; our ability to maintain relationships with existing customers and automobile suppliers, and develop relationships; and our ability to compete and succeed in a highly competitive and evolving industry; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
SOURCE: LMP Automotive Holdings, Inc.