Strategic Investment and Partnerships Propel CarParts.com Forward

A consortium of major global industry players has made a significant $35.7 million strategic investment in online auto parts retailer CarParts.com. The investment group, comprising ZongTeng Group, A-Premium, and CDH Investments, represents a powerful endorsement of the company’s long-term growth strategy and market position.

In a move that signals strong market confidence, CarParts.com successfully placed 10,319,727 common shares on Wednesday at $1.04 per share. This pricing represents an 18% premium to the stock’s 90-day average trading price, generating approximately $10.7 million in proceeds for the company.

Complementing the equity offering, the company issued $25 million in convertible notes carrying a 2% annual interest rate. These three-year notes include a conversion feature allowing investors to convert to common stock at $1.20 per share, providing... Read more...