LMP Automotive rises after asset sale agreement

LMP Automotive Holdings

08/08/2022 14:53

** Online automotive retailer LMP Automotive's shares
 LMPX.O  rise 7.4% to $7.23
    ** Company to sell several assets including some of its Kia,
Subaru, Chevrolet and General Motors dealerships
    ** Expects to close sale in October
    ** Company also plans to seek shareholder approval for plan
of liquidation  urn:newsml:reuters.com:*:nGNX3PT7MD
    ** Plan of liquidation will allow company to sell all
assets, distribute proceeds to stockholders and dissolve the
firm
    ** "We continue to believe that our stock price does not
reflect the net asset value of our company and believe that this
transaction along with the sale of our remaining assets will
enable us to maximize stockholder value" - LMPX
    ** Company says that after the plan of liquidation is
finalized, it expects to distribute ~$115 mln to $126 mln to
shareholders
    ** Including session's gains, LMPX up 2.7%

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))