LMPX - LMP Automotive rises 9% amid plans of debt refinancing stock buyback dividend

LMP Automotive Holdings (LMPX) board authorized a debt refinancing, and subject to the conditions of the refinancing, a stock buy back and dividend.The company said it has authorized the refinancing of its current debt facility for additional anticipated acquisitions in the pipeline.Conditioned upon the terms of such refinanced debt facility, the board also authorized the use of up to 25% of excess cash to buy back common shares and up to 15% of excess cash for the issuance of shareholder dividend beginning in the fourth quarter of this year.Excluding its anticipated refinance and additional acquisitions, LMP expects cash balances to exceed $50M, with excess cash of over $36M by year end. LMPX  +9.09% to $15 after-hoursSource: Press Release

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LMP Automotive rises 9% amid plans of debt refinancing, stock buyback, dividend