LMP in sale pacts for LMP’s Chevrolet, Buick GMC dealerships in Beckley

LMP Automotive Holdings announced it has entered into definitive dealership and real estate sale agreements with respect to the sale of LMP’s Chevrolet, Buick GMC dealerships and their underlying real estate in Beckley, West Virginia. The Company anticipates that the expected closing of the transactions contemplated by the Agreements will occur in June 2023, subject to the satisfaction of the terms and numerous conditions precedent to closing of such Agreement, which include, but are not limited to, manufacturers’ approval. In addition, LMP expects to close on the sale of its Kia and Subaru dealerships, located in West Virginia dealerships in the coming weeks.