LOS ANGELES Motorcar Parts of America Inc. (MPA) today has closed a private placement of common stock, raising $15 million in gross proceeds.
Under the terms of the financing announced last week, the company issued an aggregate 1,936,000 shares of common stock at a price of $7.75 per share.
MPA 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.