ECD Automotive Design Acquires Velocity Automotive Performance
Ticker: ECDA · Form: 8-K · Filed: Apr 22, 2024 · CIK: 1922858
Sentiment: neutral
Topics: acquisition, business-combination, automotive
TL;DR
ECD Auto buying Velocity Auto for cash & stock to boost customization biz.
AI Summary
ECD Automotive Design, Inc. announced on April 18, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests of Velocity Automotive Performance, LLC. The acquisition is expected to close in the second quarter of 2024 and will be funded through a combination of cash and stock. This move is intended to expand ECD's market reach and product offerings in the automotive customization sector.
Why It Matters
This acquisition aims to bolster ECD Automotive Design's position in the automotive customization market by integrating Velocity Automotive Performance's capabilities and customer base, potentially leading to increased revenue and market share.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies, which could impact ECD Automotive Design's financial performance.
Key Players & Entities
- ECD Automotive Design, Inc. (company) — Registrant
- Velocity Automotive Performance, LLC (company) — Acquisition Target
- April 18, 2024 (date) — Date of Agreement
- second quarter of 2024 (date) — Expected Closing Period
FAQ
What is the primary strategic rationale behind ECD Automotive Design's acquisition of Velocity Automotive Performance?
The acquisition is intended to expand ECD's market reach and product offerings within the automotive customization sector.
When is the acquisition of Velocity Automotive Performance expected to be completed?
The acquisition is expected to close in the second quarter of 2024.
How will the acquisition of Velocity Automotive Performance be financed?
The acquisition will be funded through a combination of cash and stock.
What type of business is Velocity Automotive Performance, LLC?
Velocity Automotive Performance, LLC is involved in the automotive customization sector, as indicated by the strategic rationale for its acquisition by ECD Automotive Design.
What was ECD Automotive Design, Inc. previously known as?
ECD Automotive Design, Inc. was formerly known as EF Hutton Acquisition Corp I, with a name change date of April 11, 2022.
Filing Stats: 1,093 words · 4 min read · ~4 pages · Grade level 15.7 · Accepted 2024-04-22 17:00:48
Filing Documents
- ea0204287-8k_ecdauto.htm (8-K) — 36KB
- ea0204287ex16-1_ecdauto.htm (EX-16.1) — 3KB
- 0001213900-24-034969.txt ( ) — 251KB
- ecdaw-20240418.xsd (EX-101.SCH) — 3KB
- ecdaw-20240418_def.xml (EX-101.DEF) — 26KB
- ecdaw-20240418_lab.xml (EX-101.LAB) — 36KB
- ecdaw-20240418_pre.xml (EX-101.PRE) — 25KB
- ea0204287-8k_ecdauto_htm.xml (XML) — 5KB
01. Changes in Registrant's Certifying
Item 4.01. Changes in Registrant's Certifying Accountant. (a) Departure of Independent Registered Public Accounting Firm On December 12, 2023, ECD Automotive Design, Inc. (the "Company"), formerly a special purpose acquisition company known as EF Hutton Acquisition Corporation I ("EFHT"), completed a business combination (the "Business Combination") contemplated by the merger agreement, dated as of March 3, 2023, as amended on October 14, 2024 (the "Merger Agreement"), by and among EFHT, Humble Imports Inc, d/b/a ECD Auto Design, a Florida corporation ("Humble"), and the other parties named therein. Pursuant to the Merger Agreement, in connection with the Business Combination, EFHT changed its name to ECD Automotive Design, Inc. The closing of the Business Combination was previously reported on the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission ("SEC") on December 18, 2023 (the "Super 8-K"). Prior to the closing of the Business Combination, Marcum LLP ("Marcum") was the independent registered public accounting firm of EFHT, and BF Borgers CPA PC ("BF Borgers") was the independent registered public accounting firm of Humble. Following the Business Combination, on December 12, 2023, Marcum ceased to be the independent registered public accounting firm of EFHT, and BF Borgers departed as the independent registered public accounting firm of Humble, which was previously disclosed in the Super 8-K. On January 22, 2024, the Company engaged Marcum to audit the financial statements of the Company for the fiscal year ended December 31, 2023 (collectively referred to as the "Financial Statements"). Marcum did not complete the audit of the Financial Statements. On April 19, 2024, upon the approval of the Audit Committee of the Board of Directors (the "Audit Committee") of the Company, the Company dismissed Marcum as the Company's independent registered public accounting firm. During Marcum's engagement by the Company, and thr
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 16.1 Letter from Marcum LLP regarding the change in the Registrant's certifying accountant, dated April 19, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2
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: April 22, 2024 ECD AUTOMOTIVE DESIGN, INC. By: /s/ Raymond Cole Name: Raymond Cole Title: Chief Financial Officer 3