LMP Automotive Holdings, Inc. Engages Truist Securities, Inc. as the Lead Arranger for up to a $660M Syndicated Senior Credit...
December 10 2020 - 4:21PM
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 it has engaged Truist Securities, Inc.
as the Lead Arranger for up to a $660 million Syndicated Senior
Credit Facilities.
Sam Tawfik, LMP’s Chief Executive Officer stated, “We chose to
partner with Truist because they have proven their leadership in
the syndicated and leveraged finance market, accompanied by their
strong industry expertise financing growth-oriented dealer
platforms, Automotive Retail Investment Banking, Dealer Commercial
Services, Dealer Retail Services, Fleet Leasing and Structured Real
Estate.”
Evan Bernstein, LMP’s Chief Financial Officer stated, "This
prospective senior credit facility can provide additional financial
flexibility to support our acquisitions and business strategy. We
want to thank Truist and their team for their support." Mr.
Bernstein added, “The facility can also provide additional
borrowing availability, increased financial flexibility consisting
of the new vehicle floor plan, used vehicle floor plan and a
revolving credit facility. We expect the rates and terms on all of
these facilities to be competitive with our public franchise dealer
operator peers.
Richard Aldahan, LMP’s Chief Operating Officer added, “There is
a ton of opportunity for us to partner with dealers and consolidate
the market. In the recent months, the company has signed definitive
agreements to partner and purchase dealerships. These facilities
can enable LMP to begin a rolling close process.”
“LMP is laser focused on the execution of its e-commerce hybrid
online strategy. This prospective partnership represents meaningful
progress towards our 2021 plan. As we begin to overlay our model on
top of our acquired dealerships, we expect momentum to accelerate
and the Company looks forward to achieving many more significant
and transformative milestones in the future,” Mr. Aldahan
concluded.
ABOUT LMP AUTOMOTIVE HOLDINGS, INC. –
“BUY, SUBSCRIBE, SELL AND REPEAT.”LMP Automotive Holdings,
Inc. (NASDAQ: LMPX) describes its business model as “Buy,
Subscribe, Sell and Repeat.” This means that we “Buy” pre-owned
automobiles primarily through auctions or directly from other
automobile dealers, and new automobiles from manufacturers and
manufacturer distributors. We “Subscribe” the automobiles to our
customers by allowing them to enter into our subscription plan for
automobiles in which customers have use of an automobile for a
minimum of thirty (30) days. LMP’s vehicle subscription membership
includes monthly swaps and offers the flexibility to return the
vehicle without penalty, upgrade your vehicle to a more premium
model or downgrade for a lesser cost model when you like. We “Sell”
our inventory, including automobiles previously included in our
subscription programs, to customers as well, and then we “Repeat”
the whole process.
Investor Relations:LMP
Automotive Holdings, Inc.500 East Broward Boulevard, Suite 1900Fort
Lauderdale, FL 33394investors@lmpah.com
For more information visit: https://lmpmotors.com/.
FORWARD-LOOKING STATEMENTS:This press release
may contain “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, each as amended. Such statements
include, but are not limited to, any statements relating to our
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar matters that are not
historical facts. These statements may be preceded by, followed by
or include the words “aim,” “anticipate,” “believe,” “estimate,”
“expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,”
“potential,” “project,” “projection,” “seek,” “can,” “could,”
“may,” “should,” “would,” will,” the negatives thereof and other
words and terms of similar meanings. Forward-looking statements are
based on management’s current expectations and are subject to risks
and uncertainties that could negatively affect our business,
operating results, financial condition and stock value. Factors
that could cause actual results to differ materially from those
currently anticipated include: our dependence upon external sources
for the financing of our operations; our ability to effectively
execute our business plan; our ability to maintain and grow our
reputation and to achieve and maintain the market acceptance of our
services and platform; our ability to manage the growth of our
operations over time; our ability to maintain adequate protection
of our intellectual property and to avoid violation of the
intellectual property rights of others; our ability to maintain
relationships with existing customers and automobile suppliers, and
develop relationships; and our ability to compete and succeed in a
highly competitive and evolving industry; as well as other risks
described in our SEC filings. There is no assurance that any
forward-looking statements will materialize. You are cautioned not
to place undue reliance on forward-looking statements, which
reflect expectations only as of this date. We expressly disclaim
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
SOURCE: LMP Automotive Holdings,
Inc.
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