Motorcar Parts Of America Prices 2.4 Mln Shares At $26 Per Share

(RTTNews) - Motorcar Parts of America, Inc. (MPAA) Wednesday announced the pricing of its underwritten public offering of 2.4 million shares of its common stock at a price to the public of $26.00 per share.

In addition, the company has granted the underwriters a 30-day option to purchase up to 360,000 additional shares of common stock to cover over-allotments, if any.

All shares of common stock to be sold in the offering will be offered by the company. The offering is expected to close on or about September 2.

The total gross proceeds of the offering are expected to be about $62.4 million. After deducting the underwriter's discount and other estimated offering expenses, the net proceeds are estimated to be around $58.1 million, assuming no exercise of the underwriter's over-allotment option.

Motorcar Parts of America expects to use the net proceeds from the offering for working capital and other general corporate purposes.

Craig-Hallum Capital Group LLC and Roth Capital Partners, LLC are acting as joint book-running managers for the offering. B. Riley & Co., LLC is acting as co-manager.