Atlantic Coast Automotive, Inc. cancelled the agreement to acquire Subaru Automotive Dealership at 117 Midtown Ave, Mt Hope, WV from LMP Automotive Holdings, Inc. for $4.3 million.
October 04, 2022
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Atlantic Coast Automotive, Inc. entered into an agreement to acquire Subaru Automotive Dealership at 117 Midtown Ave, Mt Hope, WV from LMP Automotive Holdings, Inc. (NasdaqCM:LMPX) for $4.3 million on August 5, 2022. The transaction is subject to regulatory approval including any approval necessary under the Hart-Scott Rodino Antitrust Act and some third party consents. The transaction is expected to close in October 2022. David Weisman and Greg Blodig of Greenspoon Marder LLP acted as legal advisor to Atlantic Coast Automotive. Bruce C. Rosetto of Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen & Quenter acted as legal advisor to LMP Automotive Holdings, Inc. (NasdaqCM:LMPX).
Atlantic Coast Automotive, Inc. terminated the agreement to acquire Subaru Automotive Dealership at 117 Midtown Ave, Mt Hope, WV from LMP Automotive Holdings, Inc. (OTCPK:LMPX) on October 05, 2022. LMP Automotive Holdings, Inc. (OTCPK:LMPX) will remarket the Terminated Dealerships and will pursue entering into new sale agreements in connection with the Terminated Dealerships within the next few months.
LMP Automotive Holdings, Inc. is an e-commerce and facilities-based automotive retailer in the United States. The Company offers a range of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance. Its e-commerce technology and strategy are designed to disrupt the industry by leveraging its selection of owned inventories and physical logistics networks. The Company seeks to provide customers with both online and in person services. Its physical logistics network enables it to provide convenient free delivery points for customers and provide services throughout the entire ownership life cycle. The Company uses digital technologies to lower its customer acquisition costs and achieve operational efficiencies.
Atlantic Coast Automotive, Inc. cancelled the agreement to acquire Subaru Automotive Dealership at 117 Midtown Ave, Mt Hope, WV from LMP Automotive Holdings, Inc. for $4.3 million.
LMP AUTOMOTIVE HOLDINGS, INC. 
