Motorcar Parts and Accessories, Inc. Offers Shares of Common Stock
16 October 1997
Motorcar Parts and Accessories, Inc. Offers Shares of Common StockTORRANCE, Calif., Oct. 16 -- Motorcar Parts & Accessories, Inc. , announced today that it has filed a registration statement with the Securities and Exchange Commission for a public offering of 1,550,000 shares of its common stock, including 250,000 shares being offered by selling shareholders. The common stock is listed on the Nasdaq National Market System under the symbol "MPAA". Smith Barney Inc. and A.G. Edwards & Sons, Inc. will act as managing underwriters in the offering. The underwriters will be granted an over- allotment option to purchase up to 232,500 additional shares from the Company. Net proceeds of the offering will be used for working capital and other general corporate purposes, including financing future acquisitions and, pending such uses, will be used to reduce bank indebtedness. Motorcar Parts & Accessories, Inc. remanufactures replacement alternators and starters for imported cars and light trucks in the United States and recently commenced remanufacturing alternators and starters for domestic vehicles as well. A registration statement relating to these shares of common stock has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. SOURCE Motorcar Parts & Accessories, Inc.