LMPX - LMP Automotive announces acquisition and closing of majority interest in LTO Holdings

LMP Automotive (LMPX) announces the acquisition and closing of a majority interest in LTO Holdings, LLC in a cash and stock deal through its subsidiary, LMP Finance, LLC.LMP will acquire a 51% interest in LTO in exchange for a contribution of $225K as working capital to LTO and $225K in cash to the selling stakeholders, with 16,892 shares of LMP’s unregistered common stock with a floor price $37.This acquisition expands LMP’s e-commerce sales and subscription-leasing programs and fulfillment in the Northeast market; and expands the company’s logistics and fulfillment footprint and free delivery radius.The transaction is expected to be immediately accretive to earnings.

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LMP Automotive announces acquisition and closing of majority interest in LTO Holdings