Motorcar Parts of America Announces Closing of Underwritten Public Offering of Common Stock

        Print
| Source: Motorcar Parts of America

LOS ANGELES, Sept. 2, 2014 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced the completion of its previously announced registered firm commitment underwritten public offering of 2,760,000 shares of its common stock at a price to the public of $26.00 per share, which includes the exercise in full by the underwriters of their option to purchase up to 360,000 additional shares of common stock.

Motorcar Parts of America estimates net proceeds from the offering to be approximately $66.9 million, after deducting underwriting discounts and estimated offering expenses. The company intends to use the net proceeds of the offering for working capital and other general corporate purposes.

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

A shelf registration statement relating to these securities was previously filed with, and declared effective by, the U.S. Securities and Exchange Commission on May 9, 2014. A preliminary prospectus supplement related to the offering was filed with the U.S. Securities and Exchange Commission on August 20, 2014. A final prospectus supplement related to the offering was filed with the U.S. Securities and Exchange Commission on August 27, 2014. Copies of the final prospectus supplement and accompanying prospectus for the offering may be obtained by contacting Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by calling 612-334-6300. An electronic copy of the final prospectus supplement and accompanying prospectus relating to the offering is available on the website of the U.S. Securities and Exchange Commission at www.sec.gov.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Motorcar Parts of America

Motorcar Parts of America, Inc. is a remanufacturer, manufacturer and distributor of automotive aftermarket parts -- including alternators, starters, wheel hub assembly and brake master cylinder products utilized in import and domestic passenger vehicles, light trucks and heavy duty applications. Motorcar Parts of America's products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with production facilities located in California, Mexico, Malaysia and China, and administrative offices located in California, Tennessee, Mexico, Singapore and Malaysia. Additional information is available at www.motorcarparts.com.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2014 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

Gary S. Maier
Maier & Company, Inc.
(310) 471-1288