Motorcar PoA (MPAA) Enters 1.94M Common Private Placement at $7.75/Share

April 20, 2012 9:59 AM EDT
Motorcar Parts of America, Inc. (Nasdaq: MPAA) has entered into an agreement to raise approximately $15 million in gross proceeds through a private placement of its common stock.

Under the terms of the financing, the company will issue an aggregate 1,936,000 shares of common stock at a price of $7.75 per share. Motorcar Parts of America will use the proceeds to enhance the integration of its Fenco Automotive Products acquisition and for general corporate purposes to support the company's growth.

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