LMP Automotive Holdings, which operates an e-commerce site where users can buy, sell, and rent cars, filed with the SEC to raise up to $18 million in an initial public offering. In its latest filing, the company increased its share offering by 39%.
The Plantation, FL-based company now plans to raise $18 million by offering 3.2 million shares at a price range of $5 to $6. It previously filed to offer 2.3 million shares at the same range. Founder, CEO, and Chairman Samer Tawfik intends to purchase $3 million worth of shares in the offering. At the midpoint of the proposed range, LMP Automotive Holdings would command a fully diluted market value of $51 million.
The company originally filed in June 2019 for a $7 million IPO, but until now LMP's proposed market cap had been below Renaissance Capital's $50 million requirement for tracking US IPOs.
LMP Automotive Holdings was founded in 2017 and booked $17 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol LMPX. ThinkEquity is the sole bookrunner on the deal. The company has not set a pricing date yet.
