LOS ANGELES Motorcar Parts of America has entered into an agreement to raise approximately $15 million in gross proceeds through a private placement of its common stock.
Under the terms of the financing, the company will issue an aggregate 1,936,000 shares of common stock at a price of $7.75 per share. The company says it will use the proceeds to enhance the integration of its Fenco Automotive Products acquisition and for general corporate purposes to support the company’s growth.