LMP Automotive Holdings Inc. stated it is going to promote its Stellantis dealership in New York, which it expects to usher in $15.8 million.
The publicly traded Fort Lauderdale, Florida, auto retailer stated Friday it has signed an settlement to promote its Chrysler-Dodge-Jeep-Ram retailer in White Plains, New York. The transaction is predicted to shut in October. LMP didn’t instantly launch the title of the customer.
In February, LMP stated it was exploring strategic options for its enterprise, together with a attainable sale of the corporate, because it introduced it was canceling seven pending acquisitions as a result of it was unable to safe the financing to pay for them and shut the offers on time. .
LMP purchased an 85 % stake in White Plains Chrysler-Dodge-Jeep-Ram in October. It has one other seven franchised dealerships in its portfolio.
The retailer stated final week that the remainder of its actual property was appraised at round $50 million and that it believes its properties and dealerships, together with the Stellantis retailer below contract, are value round $104 million.
“We consider that our share worth doesn’t mirror the worth of our firm’s web property and we proceed to pursue strategic choices to maximise shareholder worth and have engaged BofA Securities to help us within the course of,” the corporate stated in a press release. a press launch.
Shares of LMP have been buying and selling at $5.55 a share round 2:45 p.m. Monday. It had been buying and selling at greater than $20 a share for the previous yr.
Final month, LMP stated it additionally bought properties in Plantation, Florida, for about $4 million, based on a regulatory submitting.
LMP has not reported monetary outcomes for the fourth quarter of 2021 and the primary quarter of this yr and has stated it is going to replace monetary outcomes for the primary three quarters of 2021. The corporate can also be dealing with a possible class motion lawsuit and has filed lawsuits. requesting the return of deposits it made for purchases it terminated.