LMP Automotive to issue shareholder liquidation distribution of 20c per share

LMP Automotive Holdings will issue a liquidating shareholder distribution of $0.20 per share on or about February 7, 2024, to all shareholders of record as of January 31, 2024 and provided a corporate update. The Company further announced that it’s Chairman and Chief Executive Officer Sam Tawfik agreed to provide his management services to the Company without compensation commencing after March 1, 2024, and hold perfunctory office until expiration of Delaware dissolution period, filing of final Tax Returns and final Distributions, if any, are made. After the payment of the final dissolution costs and the resolution of any contingent, conditional or unmatured contractual claims of the Company, the Company anticipates that it will make another liquidating distribution to its shareholders payable upon surrender of the shares. Although the Company cannot project how much cash, if any, will remain after the completion of the final dissolution, the Company expects to issue one or more liquidating distributions, estimated to be in the second half of 2024, and ranging between $0.02 to $0.36 to its shareholders, which will be substantially comprised of an anticipated Income Tax Refund and potential Employee Retention Credits.