America’s Car-Mart, Inc. Closes Sale of Option Shares, Generates Net Proceeds of $5.6 Million

America’s Car-Mart, Inc. has successfully closed the sale of 138,272 Option Shares, marking the partial exercise by the Underwriter of the Over-allotment Option. This transaction took place on October 22, 2024, at a public offering price of $43.00 per share. The company received net proceeds amounting to approximately $5.6 million after the deduction of underwriting discounts and commissions.

The Option Shares’ sale falls under the Company’s shelf registration statement on Form S-3 (Registration Statement No. 333-273034), which was filed with the Securities and Exchange Commission on June 29, 2023, and became effective on August 14, 2023. A final prospectus supplement related to the offering was filed with the Commission on September 19, 2024.

As previously disclosed, America’s Car-Mart, Inc. engaged in an underwriting agreement with Jefferies LLC on September 19, 2024, for the issuance and sale of 1,700,000 shares of the Company’s common stock at a public offering price of $43.00 per share. Net proceeds from the offering of the Firm Shares amounted to approximately $67.8 million after accounting for underwriting discounts, commissions, and estimated offering expenses.

Under the terms of the Underwriting Agreement, the Company granted the Underwriter an Over-allotment Option, exercisable for 30 days, to purchase up to 255,000 additional Option Shares at a specified price.

America’s Car-Mart, Inc. operates in the automotive industry, providing quality used vehicles and financing options to customers. The recent sale of Option Shares and the net proceeds generated are expected to contribute positively to the company’s financial position.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read America’s Car-Mart’s 8K filing here.

About America’s Car-Mart

America’s Car-Mart, Inc, through its subsidiaries, operates as an automotive retailer for the used car market in the United States. It primarily sells older model used vehicles and provides financing for its customers. The company was founded in 1981 and is headquartered in Rogers, Arkansas.