Lmp announces $20 million private placement of series a convertible preferred stock

Fort lauderdale, fla., feb. 24, 2021 (globe newswire) -- lmp automotive holdings, inc. (nasdaq: lmpx) (the "company" or “lmp”), an e-commerce and facilities-based platform for consumers who desire to buy, sell, subscribe to or finance pre-owned and new automobiles, today announced that it has entered into definitive securities purchase agreements with a group of institutional investors (the “investors”), which will result in gross proceeds to lmp of approximately $20 million, before deducting offering expenses. lmp intends to use the proceeds to drive growth, including closing on its stage 1 acquisitions, which are expected to begin closings in the first week of march, and for working capital purposes.
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