LMP Automotive Holdings Inc. (LMPX) Announces Voluntary NASDAQ Delisting and SEC Deregistration

August 12, 2022 4:06 PM EDT

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LMP Automotive Holdings, Inc. (NASDAQ: LMPX) (“LMP” or the “Company”), an e-commerce and facilities-based automotive retailer in the United States, today announced that in connection with the previously announced sale of substantially all of its assets (the “Atlantic Sale”), it has notified Nasdaq of the Company’s intent to voluntarily delist its common stock from the Nasdaq Capital Market. The Company expects to file a Form 25 with the Securities and Exchange Commission to effect the voluntary delisting of the common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on or about August 15, 2022, and that the delisting will be effective on or about August 25, 2022 – ten days after the filing of the Form 25. Following delisting, the Company expects its common stock to trade on the OTC Pink Market tier.

As previously reported, the Company received a notice from the Nasdaq Listing Qualifications staff of the Nasdaq indicating that, as a result of not having timely filed its Annual Report on Form 10-K for the year ended December 31, 2021 and the Quarterly Report on Form 10-Q for the period ended March 31, 2022 the Company remains in non-compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission.

Following delisting, in accordance with our intended liquidation plan and to curtail expenses, the Company intends in the future to deregister its common stock and suspend its reporting obligations under the Exchange Act.

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