LMPX - LMP Automotive Atlantic Automotive amends acquisition agreement

LMP Automotive Holdings (LMPX) has revised its acquisition agreement, previously announced on October 9, 2020 with Atlantic Automotive, to a combination of cash and LMPX common stock and to exclude certain dealerships owned by AAG, for $330M.Under the amended agreement, the company's 70% interest in Atlantic Automotive Group and Atlantic Central Storage will comprise of $40M in LMPX common stock with a base of $57/share and $191M in cash; to include Atlantic Central Storage, eight dealership locations consisting of nine import and domestic franchise brands along with several management companies that generated ~$655M revenue and $25.1M in net income in calendar year 2020 and real estate leased with an option to purchase owned properties.Pursuant to the closure of the deal, LMP's revenues are expected to exceed $1.3B, with~$36M in net income or $3.24 per share in FY2021 and for FY 2022 revenues are expected to exceed $1.4B, with ~$39M in net income or $3.51 per share,

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LMP Automotive, Atlantic Automotive amends acquisition agreement