LMP Automotive Holdings Inc. mentioned it should promote its Stellantis dealership in New York, which it expects will generate $15.8 million.
The publicly traded Fort Lauderdale, Fla., auto retailer mentioned Friday that it has signed an settlement to promote its Chrysler-Dodge-Jeep-Ram retailer in White Plains, N.Y. The transaction is predicted to shut in October. LMP didn’t instantly launch the title of the client.
In February, LMP mentioned it was exploring strategic alternate options for its enterprise together with a attainable sale of the corporate, because it introduced it will terminate seven pending acquisitions as a result of it was unable to safe financing to pay for them and to shut the offers underneath contracted time frames.
LMP purchased an 85 % stake in White Plains Chrysler-Dodge-Jeep-Ram in October. It has seven different franchised dealerships in its portfolio.
The retailer mentioned final week that the remainder of its actual property appraised for about $50 million and that it believes its property and dealerships, together with the Stellantis retailer underneath contract, are value about $104 million.
“We believe that our stock price does not reflect net asset value of our company and continue to seek strategic options to maximize shareholder value and we have engaged BofA Securities to assist us in the process,” the corporate mentioned in a information launch.
LMP’s inventory was buying and selling at $5.55 a share about 2:45 p.m. Monday. It had been buying and selling at greater than $20 a share inside the previous 12 months.
Last month, LMP mentioned it additionally offered property in Plantation, Fla., for about $4 million, based on a regulatory submitting.
LMP hasn’t reported monetary outcomes for the fourth quarter of 2021 and first quarter of this 12 months and has mentioned it should restate monetary outcomes for the primary three quarters of 2021. The firm additionally faces a attainable class-action lawsuit, and has filed lawsuits searching for the return of deposits it made for acquisitions that it terminated.
Source: www.autonews.com