LMPX - LMP Automotive sign real estate sale agreements to sell Kia dealerships plans liquidation plan approval

• LMP Automotive ( NASDAQ: LMPX ) entered into dealership and real estate asset sale agreements to sell its Kia dealerships in Port Charlotte, FL, Cape Coral, FL and Beckley, WV, its Subaru dealership in Beckley, WW, its Chevrolet dealership in Beckley, WV and its GM dealership in Beckley, WV.
• The sale is expected to close in October 2022.
• The company believes that stock price does not reflect the NAV of company and believe that this transaction along with the sale of remaining assets will enable to maximize stockholder value.
• The board plans to approve a proposed plan of liquidation of LMP’s assets and the dissolution which will enable to sell all of the company's assets, distribute the net proceeds to stockholders and dissolve the company.
• The management believes that on finalization of the Plan of Liquidation the company will be able to distribute ~$115 to $126M to shareholders.

For further details see: