LMPX - LMP Automotive receives $192M financing for Stage 1 acquisition shoots up positive outlook

LMP Automotive Holdings (LMPX) says it has entered into a commitment letter with Truist Bank for a $192M financing.The financing is provided for the company's Stage 1 southeast acquisitions, which is expected to be immediately accretive to income, adding ~2,300 new and used vehicles valued at roughly $58M, report."We intend to use the proceeds to fund the consummation of our stage 1 acquisitions which consist of 13 dealerships, including 12 new vehicle franchises, and 6 parcels of dealership real estate totaling approximately 67 acres in the Southeast. A portion of the proceeds will be utilized for new and used vehicle floorplan plus working capital," says LMP's CEO Sam Tawfik. The company expects Stage 1 closing to occur in Jan. 2021, subject to certain approvals.2021 Outlook: Revenue expected to be in the range of $510-540M; Adj. EBITDA of $22-24M; EPS of $2.20 to $2.40."We expect 2022 full year operations attributable to this stage

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LMP Automotive receives $192M financing for Stage 1 acquisition, shoots up positive outlook