LMP Automotive Holdings Inc.'s pending sale of six dealerships across Florida and West Virginia has been terminated in the latest setback for the small auto retailer.
LMP said in a news release late Wednesday that the buyer, revealed as Atlantic Coast Automotive Group in an August regulatory filing, terminated the dealership and real estate asset sale agreements. It was not clear why the deal was terminated or when.
"I'm unable to provide comments at this time," Ali Ahmed of Atlantic Coast Automotive wrote in an email to Automotive News.
LMP's stock, which is now traded over the counter, plunged 32 percent to $6.20 a share around 11:30 a.m. Thursday.