ECDA Delisted from Nasdaq, Moves to OTC Pink Market
Ticker: ECDA · Form: 8-K · Filed: Feb 16, 2024 · CIK: 1922858
| Field | Detail |
|---|---|
| Company | Ecd Automotive Design, INC. (ECDA) |
| Form Type | 8-K |
| Filed Date | Feb 16, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $50,000,000 m, $50,000,000, $5,000 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, regulatory-compliance, otc-market
TL;DR
**ECDA got booted from Nasdaq and is now trading on the OTC Pink, expect less liquidity and more risk.**
AI Summary
ECD Automotive Design, Inc. (ECDA) filed an 8-K on February 16, 2024, reporting that its common stock and warrants were delisted from the Nasdaq Capital Market, effective February 14, 2024. This delisting was due to the company's failure to meet continued listing standards. The company's shares and warrants are now expected to trade on the OTC Pink Market under the symbols ECDA and ECDAW, respectively.
Why It Matters
This delisting significantly impacts ECDA's liquidity and investor confidence, as trading on the OTC Pink Market typically involves less transparency and lower trading volumes.
Risk Assessment
Risk Level: high — Delisting from a major exchange like Nasdaq to the OTC Pink Market significantly increases investment risk due to reduced liquidity, transparency, and regulatory oversight.
Key Players & Entities
- ECD Automotive Design, Inc. (company) — Registrant whose securities were delisted
- Nasdaq Capital Market (company) — Exchange from which ECDA was delisted
- OTC Pink Market (company) — New market where ECDA's securities are expected to trade
- February 14, 2024 (date) — Effective date of delisting
- February 16, 2024 (date) — Filing date of the 8-K report
FAQ
What was the primary reason for ECD Automotive Design, Inc.'s delisting?
ECD Automotive Design, Inc. was delisted due to its failure to satisfy a continued listing rule or standard of the Nasdaq Capital Market.
When did the delisting of ECD Automotive Design, Inc.'s common stock and warrants become effective?
The delisting of ECD Automotive Design, Inc.'s common stock and warrants became effective on February 14, 2024.
Where are ECD Automotive Design, Inc.'s securities expected to trade following the delisting?
Following the delisting, ECD Automotive Design, Inc.'s common stock and warrants are expected to trade on the OTC Pink Market.
What are the new ticker symbols for ECD Automotive Design, Inc.'s common stock and warrants on the OTC Pink Market?
The new ticker symbols are ECDA for common stock and ECDAW for warrants on the OTC Pink Market.
What type of SEC filing is this document?
This document is a Form 8-K, a current report filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 726 words · 3 min read · ~2 pages · Grade level 13.9 · Accepted 2024-02-16 17:13:24
Key Financial Figures
- $50,000,000 m — ed securities failed to comply with the $50,000,000 market value of listed securities ("MVLS"
- $50,000,000 — , the MVLS of the Company must close at $50,000,000 or more for a minimum of ten consecutiv
- $5,000 — n on-line transfer application, pay the $5,000 application fee, and meet The Nasdaq Ca
Filing Documents
- ea193980-8k_ecdauto.htm (8-K) — 29KB
- 0001213900-24-014962.txt ( ) — 239KB
- ecda-20240214.xsd (EX-101.SCH) — 3KB
- ecda-20240214_def.xml (EX-101.DEF) — 26KB
- ecda-20240214_lab.xml (EX-101.LAB) — 36KB
- ecda-20240214_pre.xml (EX-101.PRE) — 25KB
- ea193980-8k_ecdauto_htm.xml (XML) — 5KB
01. Notice of Delisting
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On February 14, 2024, ECD Automotive Design Inc., a Delaware corporation (the "Company"), received a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq"), stating that the Company's listed securities failed to comply with the $50,000,000 market value of listed securities ("MVLS") requirement for continued listing on The Nasdaq Global Market in accordance with Nasdaq Listing Rule 5450(b)(2)(A) based upon the Company's MVLS for the 30 consecutive business days prior to the date of the Notice. The Notice has no immediate effect on the listing of the Company's securities on Nasdaq and in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided a period of 180 calendar days, or until August 12, 2024, in which to regain compliance. In order to regain compliance, the MVLS of the Company must close at $50,000,000 or more for a minimum of ten consecutive days during this 180-day period. Alternatively, the Company may consider applying for a transfer to The Nasdaq Capital Market before the expiry of the 180-day period. In order to transfer, the Company must submit an on-line transfer application, pay the $5,000 application fee, and meet The Nasdaq Capital Market's continued listing requirement. No Offer or Solicitation This Current Report on Form 8-K is for informational purposes only and is not intended to and shall not constitute a proxy statement or the solicitation of a proxy, consent or authorization with respect to any securities or in respect of an initial business combination or PIPE financing and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, soli
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (c) Exhibits. The following exhibits are filed as part of, or incorporated by reference into, this Report. No. Description of Exhibit 104* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * Filed herewith. ** Furnished herewith.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: February 16, 2024 ECD AUTOMOTIVE DESIGN, INC. By: /s/ Raymond Cole Name: Raymond Cole Title: Chief Financial Officer