CarParts.com (PRTS) Announces Termination of Its At-The-Market Equity Offering Program

CarParts.com, (NASDAQ: PRTS), a leading e-commerce provider of automotive parts and accessories, today announced effective March 18, 2022 the company has elected to terminate its "at-the-market" equity offering program (the "ATM Facility") with DA Davidson as sales agent.

"As we previously discussed in our most recent earnings call, when we think about #1 our inventory and safety stock, #2 our currently undrawn line of credit, and #3 our free cash flow, we feel confident in our ability to execute our strategy of Right Part, Right Time, Right Place, given our current liquidity," stated Ryan Lockwood, SVP of Finance and incoming CFO.

As of the date of this announcement, CarParts.com had not sold any of its common shares under the ATM Program.

In a separate press release filed last year, CarParts.com announced a $30 million stock repurchase plan. The company has repurchased 40,000 shares since the initiation of the program and has approximately $29.5 million remaining under the authorization.

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