LMP Automotive Holdings Inc. is planning to terminate its seven pending purchases of numerous auto dealerships and is considering a sale of the company.
"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 time frames set forth in such agreements," LMP CEO Samer Tawfik said in a statement.
The small, publicly traded auto retailer, in a news release on Wednesday, said its board of directors feels its stock price is undervalued. Shares of LMP closed at $6.65 on Tuesday. The shares plunged 21 percent to $5.25 when the market closed Wednesday.