CarParts.com, (NASDAQ: PRTS) reported its shares inching higher early Monday, as the leading e-commerce provider of automotive parts and accessories, today announced effective March 18, the company has elected to terminate its “at-the-market” equity offering program 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 incoming CFO Ryan Lockwood.
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.
With over 25 years of experience, and more than 50 million parts delivered, the company claims to have streamlined website and sourcing network to better serve the way drivers get the parts they need.
Utilizing the latest technologies and design principles, CarParts created an easy-to-use, mobile-friendly shopping experience that, alongside its 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.
CarParts.com is headquartered in Torrance, California. Its shares kicked off Monday up one cent to $7.50.