LMP Automotive Holdings jumps on stock buyback plan, debt refinancing

LMP Automotive Holdings

09/07/2021 12:28

**  Shares of automotive e-commerce operator  LMPX.O  jump
16.1% to $16 premarket
    ** Co board conditionally approves stock buy back, dividend
program; announces refinancing of current debt facility in light
of more expected acquisitions 
    ** Board has authorized to use up to 25% of excess cash to
buy back shares and up to 15% of excess cash for issuance of
dividend starting Q4 
    ** Co expects cash balance to exceed $50 mln, with excess
cash of over $36 mln by year end  urn:newsml:reuters.com:*:nASA02DJ5
    ** Stock down ~45% YTD 

 (Reporting by Sruthi Shankar)
 ((sruthi.shankar@thomsonreuters.com;))