Stock Alert: LMP Automotive Climbs 18% On Atlantic Automotive Acquisition

(RTTNews) - Shares of LMP Automotive Holdings, Inc. (LMPX), an online automobiles platform, are gaining more than 18 percent or $6.41 in Monday's morning trade at $41.50.

Friday, LMP Automotive said it agreed to buy a 70 percent stake in New York's largest franchise dealership group, Atlantic Automotive Group, and New York logistics and vehicle storage company, Atlantic Central Storage, in a deal valued at $608 million.

The transaction is expected to close between December 2020 and January 2021. LMP Automotive expects the acquisition to add an estimated $1.6 billion in revenue, $38 million in net income, or $3.18 per share, on an annualized basis in 2021.

LMP Automotive has traded in a range of $3.28 to $49.30 in the past 52 weeks.