LMP mulls strategic alternatives, including sale of company
Image courtesy of LMP Automotive Holdings.
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FORT LAUDERDALE, Fla. –
LMP Automotive Holdings said Wednesday that its board has approved the company exploring strategic alternatives, including the option of selling the company.
In a news release, LMP also said it plans on ending all of its pending purchases.
“The company intends to terminate all of its pending acquisitions in accordance with the terms of their respective acquisition agreements, primarily due to the inability to secure financial commitments and close within the timeframes set forth in such agreements,” LMP chief executive officer Sam Tawfik said in the release.
“The board of directors believes that LMP’s current stock price does not reflect the company’s fair value,” Tawfik said. “Given the record M&A activity in our sector and multiples being paid for these transactions, LMP’s board of directors has directed management to immediately pursue strategic alternatives, including a potential sale of the company.”
LMP, which is traded on NASDAQ, closed trading Tuesday at $6.65. As of Wednesday afternoon, its low for the day was $3.35 and its high for the day was $7.11.
