LMPX stock rose 25% in after-hours trading on December 11, 2019, after a huge insider buy was reported.
The after-hours move came on the revelation that LMP Automotive Chairman Samer Tawfik disclosed in a regulatory filing that he had purchased 131,646 shares of company stock at an average price of $13.15 per share on December 10 and December 11. The total transaction value of the purchase was $1,731,119.
On December 5, 2019, LMP Automotive (LMPX) IPO’d at $5.00. The deal size was increased to 2.3M shares from 2.091M shares, after being reduced previously from 3.3M shares, and priced at the bottom of the $5.00-$6.00 range.
LMP Motors spin is that they make car buying easy, convenient and pain-free. You scan the inventory online from the convenience of your home. You buy and arrange financing online. No pushy sales people. No stress. They’ll bring your vehicle to your doorstep.