LMP Automotive Holdings Inc (NASDAQ: LMPX) has been one of the best-performing IPOs in the past two months. The stock went public on the 5th of December 2019 at $5, and has gained exponentially since then. As of yesterday’s close, the stock was trading at $43.14. Since going public, the company has made a series of announcements that have helped support the price.
On the 16th of December, it announced Stuart A. Jamieson as its director of acquisitions. CEO Sam Tawfik stated that, the entry of Jamieson was a major step towards the company’s strategy of aggressively becoming techy, online-centric through acquisitions. He added that, Jamieson has experience in multiple disciplines and that, he had managed over 75 acquisitions worth more than $6.5 billion.
A few days later on the 18th of December, the company announced that, it had entered into a partnership with YayYo Inc. Under the deal, the company would facilitate YayYo to expand its market geographically. The deal includes the sourcing of cars in a $2.5 million program. The general manager, Gabriel Peer-Drake stated that, the company had the capacity to provide large fleets to companies like YayYo and many similar ones across States.
More recently on the 30th of December, the company announced that it had appointed Keith M. Locker to its board of directors. Commenting on the appointment, the CEO stated that, the company was happy to welcome Locker. He added that, Locker was bringing extensive capital markets experience, as the company continues to look for ways to fund its acquisitions strategy.
Looking at its price action in yesterday’s session, the stock still has upside momentum that started after the IPO. It opened the day at $41 and traded between $40.26 and $44.24, before closing the day at $43.14. Volumes in the day stood at 96.35k.
About LMP Automotive Holdings Inc
LMP Automotive Holdings Inc is an e-commerce company based in Plantation, Florida.