LMP Automotive Holdings, Inc. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of its Annual Report on Form 10-K
20 Abril 2022 - 9:30PM
LMP Automotive Holdings, Inc. (NASDAQ: LMPX), an e-commerce and
facilities-based automotive retailer in the United States, today
announced it received a notification of deficiency from Nasdaq
related to the delayed filing of its Annual Report on Form 10-K.
On April 19, 2022, it received a standard notice from Nasdaq
indicating that, as a result of not having timely filed its Annual
Report on Form 10-K for the year ended December 31, 2022, the
Company is not in compliance with Nasdaq Listing Rule 5250(c)(1),
which requires timely filing of all required periodic financial
reports with the Securities and Exchange Commission.
The Nasdaq notice has no immediate effect on the listing or
trading of the Company’s common stock on the Nasdaq Capital Market.
The notice provides that the Company must submit a plan to regain
compliance with Nasdaq Listing Rule 5250(c)(1). If the plan is
accepted by Nasdaq, then Nasdaq can grant the Company up to 180
calendar days from the due date of the Form 10-K, or October 17,
2022, to regain compliance. The Company intends on filing the Form
10-K shortly in order to regain compliance.
ABOUT LMP AUTOMOTIVE HOLDINGS,
INC. LMP Automotive Holdings, Inc. (NASDAQ: LMPX) is a
growth company with a long-term plan to profitably consolidate and
partner with automotive dealership groups in the United States. We
offer 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.
Our proprietary e-commerce technology and
strategy are designed to disrupt the industry by leveraging our
experienced teams, growing selection of owned inventories and
physical logistics network. We seek to provide customers with a
seamless experience both online and in person. Our physical
logistics network enables us to provide convenient free delivery
points for customers and provide services throughout the entire
ownership life cycle. We use digital technologies to lower our
customer acquisition costs, achieve operational efficiencies, and
generate additional revenues. Our unique growth model generates
significant cash flows, which funds our innovation and expansion
into new geographical markets, along with strategically building
out dealership networks, creating personal transportation solutions
that consumers desire.
Investor Relations: LMP Automotive Holdings,
Inc.500 East Broward Boulevard, Suite 1900Fort Lauderdale, FL
33394investors@lmpah.com
For more information visit: https://lmpmotors.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. Forward-looking statements are
based on management’s current expectations and are subject to risks
and uncertainties that could negatively affect our business,
operating results, financial condition, and stock value. Factors
that could cause actual results to differ materially from those
currently anticipated include: our dependence upon external sources
for the financing of our operations; our ability to effectively
executive our business plan; our ability to maintain and grow our
reputation and to achieve and maintain the market acceptance of our
services and platform; our ability to manage the growth of our
operations over time; our ability to maintain adequate protection
of our intellectual property and to avoid violation of the
intellectual property rights of others; our ability to maintain
relationships with existing customers and automobile suppliers, and
develop relationships; and our ability to compete and succeed in a
highly competitive and evolving industry; as well as other risks
described in our SEC filings. 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.
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