Motorcar Parts of America, Inc. announced it 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. Motorcar Parts of America 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.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended or applicable under state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.