RTTNews | Sep 1, 2020 10:20AM EDT

10:20 Tuesday, September 1, 2020 (RTTNews.com) - Shares of LMP Automotive Holdings Inc. (LMPX) are currently gaining over 12% on the Tuesday morning after announcing acquisition of 9 Southeast dealerships including 10 new vehicle franchises.

LMPX is currently trading at $15.01, up $1.65 or 12.35%, on the Nasdaq.

LMP Automotive Holdings, an e-commerce and facilities-based platform for consumers who desire to buy, sell, subscribe for or finance pre-owned and new automobiles, said it acquired 9 Southeast Dealerships including 10 new vehicle franchises.

The company said it expects the acquisition to add about $320 million in annual revenue in 2021. The deal is expected to be accretive to 2021 earnings by $5.3 million or $0.53 per share.

The acquisitions are expected to close on or before December 31, 2020 funded through a combination of LMP's balance sheet and financing.

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