By Sheri Kasprzak
New York, May 18 - Motorcar Parts of America, Inc. plans to complete a $40.04 million private placement.
The offering includes 3.64 million shares at $11.00 each to a group of accredited investors.
The investors will also receive warrants for 546,283 shares, exercisable at $15.00 each.
Proceeds will be used for general corporate purposes.
Roth Capital Partners, LLC is agent.
Connected to the offering, the company received a waiver on certain violations of the covenants of its credit agreement with Union Bank of California, NA.
Los Angeles-based Motorcar provides remanufactured alternators and starters for the automotive aftermarket.
| Issuer: | Motorcar Parts of America, Inc.
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| Issue: | Stock
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| Amount: | $40.04 million
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| Shares: | 3.64 million
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| Price: | $11.00
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| Warrants: | For 546,283 shares
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| Warrant strike price: | $15.00
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| Agent: | Roth Capital Partners, LLC
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| Announcement date: | May 18
|
| Stock symbol: | Pink Sheets: MPAA
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| Stock price: | $12.35 at close May 17
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