Secondary Stock OfferingsBy The Online Investor Staff, updated Thu., Feb. 27, 2:44 PM
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Slide #20. LMP Automotive Holdings, Inc. — Secondary Offering
LMP Automotive Holdings, Inc. (NASDAQ:LMPX)
Date of Pricing:
Price Per Share:
Secondary Offering Details:
LMP Automotive Holdings, Inc. (NASDAQ: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 pricing of a public offering of 1,200,000 shares of its common stock at a public offering price of $16.00 per share, for gross proceeds of $19,200,000, before deducting offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 180,000 shares of common stock at the public offering price, less the underwriting discount.
LMP Automotive Holdings is a holding company. Through its subsidiaries, Co. provides its customers the opportunity to buy, sell, rent, and subscribe for, and obtain financing for automobiles both online and in person. Co. buys preowned automobiles through auctions or from other automobile dealers, and new automobiles from manufacturers and manufacturer distributors at fleet rates. Co. rents or subscribes by either renting automobiles to its customers or allowing them to enter into Co.'s subscription plan for automobiles. Co. sells its inventory, including automobiles previously included in its rental and subscription programs, to customers as well, and then Co. repeats the whole process.
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