Miami Beach, FL, Feb. 06, 2024 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. ("LMP" or the "Company"), today announced it will issue a liquidating shareholder distribution of $0.20 per share on or about February 7, 2024, to all shareholders of record as of January 31, 2024 (the "Liquidation Distribution") and provided a corporate update.
The Company further announced that it's Chairman and Chief Executive Officer Sam Tawfik agreed to provide his management services to the Company without compensation commencing after March 1, 2024, and hold perfunctory office until expiration of Delaware dissolution period, filing of final Tax Returns and final Distributions, if any, are made. After the payment of the final dissolution costs and the resolution of any contingent, conditional or unmatured contractual claims of the Company, the Company anticipates that it will make another liquidating distribution to its shareholders payable upon surrender of the shares. Although the Company cannot project how much cash, if any, will remain after the completion of the final dissolution, the Company expects to issue one or more liquidating distributions, estimated to be in the second half of 2024, and ranging between $0.02 to $0.36 to its shareholders, which will be substantially comprised of an anticipated Income Tax Refund and potential Employee Retention Credits.
ABOUT LMP AUTOMOTIVE HOLDINGS, INC.
Prior to filing of its Certificate of Dissolution, LMP previously offered a wide array of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance.
Investor Relations:
LMP Automotive Holdings, Inc.
1521 Alton Rd., #1666
Miami Beach FL 33139
United States
investors@lmpah.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. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company or any successor entity of the transaction and include statements concerning the expected timing of closing the transaction. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the Company is unable to enter into sales agreements with respect to the Terminated Dealerships in a timely manner or at all, or on favorable terms, (ii) the effect of the announcement or pendency of the Plan of Liquidation on the Company's business relationships, operating results and business generally, (iii) the inability of the Company to complete the Plan of Liquidation and distribute proceeds to stockholders. 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.
