LMPX - LMP Automotive updates on acquisitions

In its  update on acquisitions, LMP Automotive (NASDAQ:LMPX) indicated that its acquisition of 5 import dealerships earlier announced in Sep 2021 has been terminated in accordance with the terms of the acquisition agreement due to the expiration of the closing date deadline in the acquisition agreement. Commencing this month, the company expects to close substantially all the remaining 7 acquisitions under contract in Q1 on a rolling basis. On closure, these transactions will be accretive to LMP's earnings along with adding ~$1.2B in annualized revenue. The company is working with prospective lenders to provide the necessary debt financing to close the acquisitions.

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LMP Automotive updates on acquisitions