LMPX - LMP closes Stage 1 acquisitions; expects highest revenue gross profit

LMP Automotive (LMPX) trades 3.4% higher after hours on announcing closings on its stage 1 acquisitions, which it expects to lead to its highest ever revenue and gross profit in February.Led by the closings expected to be immediately accretive to income, revenues are seen surging 700%+ in February compared to its average month in 3Q20."These partnerships significantly expand our inventory on our proprietary e-commerce platform as well as our sales and fulfillment footprint in some of the fastest growing regions in U.S. This also increases our vehicle storage capacity by ~6K units, which enables us to significantly expand our sales," CEO Sam Tawfik commented.The company plans to expedite and expand the roll-out of its hybrid e-commerce order online, get it delivered or pick up from store strategy.LMP has closed 8 of its 13 dealership acquisitions, 4 parcels of real-estate encompassing ~60 acres (representing ~84% of the total anticipated Stage 1 income); remaining 5 acquisitions to be closed

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LMP closes Stage 1 acquisitions; expects highest revenue, gross profit