TORRANCE, Calif., March 21, 2022 /PRNewswire/ -- CarParts.com,
(NASDAQ: PRTS), a leading e-commerce provider of automotive parts
and accessories, today announced effective March 18, 2022 the company has elected to
terminate its "at-the-market" equity offering program (the "ATM
Facility") with DA Davidson as sales agent.
"As we previously discussed in our most recent earnings call,
when we think about #1 our inventory and safety stock, #2 our
currently undrawn line of credit, and #3 our free cash flow, we
feel confident in our ability to execute our strategy of Right
Part, Right Time, Right Place, given our current liquidity," stated
Ryan Lockwood, SVP of Finance and
incoming CFO.
As of the date of this announcement, CarParts.com had not sold
any of its common shares under the ATM Program.
In a separate press release filed last year, CarParts.com
announced a $30 million stock
repurchase plan. The company has repurchased 40,000 shares
since the initiation of the program and has approximately
$29.5 million remaining under the
authorization.
About CarParts.com
With over 25 years of experience, and more than 50 million parts
delivered, we've streamlined our website and sourcing network to
better serve the way drivers get the parts they need. Utilizing the
latest technologies and design principles, we've created an
easy-to-use, mobile-friendly shopping experience that, alongside
our own nationwide distribution network and vertically integrated
supply chain, cuts out the brick-and-mortar supply chain costs and
provides quality parts at competitive pricing. Our proprietary
catalog is constantly expanding, and we continue to add new
products, applications, sets, and kits for house brands, as well as
premium branded products.
CarParts.com is headquartered in Torrance, California.
Safe Harbor Statement
This press release contains statements which are based on
management's current expectations, estimates and projections about
the Company's business and its industry, as well as certain
assumptions made by the Company. These statements are forward
looking statements for the purposes of the safe harbor provided by
Section 21E of the Securities Exchange Act of 1934, as amended and
Section 27A of the Securities Act of 1933, as amended. Words such
as "anticipates," "could," "expects," "intends," "plans,"
"potential," "believes," "predicts," "projects," "seeks,"
"estimates," "may," "will," "would," "will likely continue" and
variations of these words or similar expressions are intended to
identify forward-looking statements. These statements include, but
are not limited to, statements regarding our free cash flow, access
to liquidity, and ability to execute on our business strategies. We
undertake no obligation to revise or update publicly any
forward-looking statements for any reason. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict.
Therefore, our actual results could differ materially and adversely
from those expressed in any forward-looking statements as a result
of various factors.
Important factors that may cause such a difference include,
but are not limited to, competitive pressures, our dependence on
search engines to attract customers, demand for the Company's
products, the online market and channel mix for aftermarket auto
parts, the economy in general, increases in commodity and component
pricing that would increase the Company's product costs, the
operating restrictions in its credit agreement, the weather, the
impact of the customs issues and any other factors discussed in the
Company's filings with the Securities and Exchange Commission (the
"SEC"), including the Risk Factors contained in the Company's
Annual Report on Form 10–K and Quarterly Reports on Form 10–Q,
which are available at www.carparts.com/investor and the SEC's
website at www.sec.gov. You are urged to consider these factors
carefully in evaluating the forward-looking statements in this
release and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. Unless otherwise required by law, the
Company expressly disclaims any obligation to update publicly any
forward-looking statements, whether as result of new information,
future events or otherwise.
Media Contact:
5WPR
CarPartsPR@5wpr.com
Investor Relations:
Ryan
Lockwood, CFA
IR@carparts.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/carpartscom-announces-the-termination-of-its-at-the-market-equity-offering-program-301506271.html
SOURCE CarParts.com, Inc.