Proceeds of deal used for general corporate purposes to support growth
By Devika Patel
Knoxville, Tenn., April 20 - Motorcar Parts of America, Inc. said it will raise $15 million in a private placement of common stock.
The company will sell 1,936,000 shares for $7.75 per share. The price per share reflects a 19.69% discount to the April 19 closing share price of $9.65.
Proceeds will be used to enhance the integration of the company's Fenco Automotive Products acquisition and for general corporate purposes to support growth.
Los Angeles-based Motorcar provides remanufactured alternators and starters for the automotive aftermarket.
| Issuer: | Motorcar Parts of America, Inc.
|
| Issue: | Common shares
|
| Amount: | $15,004,000
|
| Shares: | 1,936,000
|
| Price: | $7.75
|
| Warrants: | No
|
| Pricing date: | April 20
|
| Stock symbol: | Nasdaq: MPAA
|
| Stock price: | $9.65 at close April 19
|
| Market capitalization: | $103.37 million
|
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