ECD Automotive Design Faces Delisting Concerns

Ticker: ECDA · Form: 8-K · Filed: Sep 17, 2024 · CIK: 1922858

Sentiment: bearish

Topics: delisting, listing-standards, corporate-actions

Related Tickers: ECDA

TL;DR

ECDA might get delisted, trading could be affected.

AI Summary

ECD Automotive Design, Inc. filed an 8-K on September 17, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The filing indicates a potential transfer of listing, with the earliest event reported on September 16, 2024. The company was formerly known as EF Hutton Acquisition Corp I.

Why It Matters

This filing signals potential financial distress or non-compliance with exchange rules, which could significantly impact the company's stock trading and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards is a severe indicator of financial instability or operational issues.

Key Players & Entities

FAQ

What specific listing rule or standard has ECD Automotive Design, Inc. failed to satisfy?

The filing does not specify the exact rule or standard that was not met, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.

What is the reason for the potential transfer of listing mentioned in the filing?

The filing states 'Transfer of Listing' as an item information, but does not provide the specific reasons or details for this potential transfer.

When was ECD Automotive Design, Inc. formerly known as EF Hutton Acquisition Corp I?

The date of the name change from EF Hutton Acquisition Corp I to ECD Automotive Design, Inc. was April 11, 2022.

What is the business address of ECD Automotive Design, Inc.?

The business address is 24 Shipyard Drive, Suite 102, Hingham, MA 02043.

What is the SIC code for ECD Automotive Design, Inc.?

The Standard Industrial Classification (SIC) code is 3711, which corresponds to MOTOR VEHICLES & PASSENGER CAR BODIES.

Filing Stats: 1,313 words · 5 min read · ~4 pages · Grade level 13.2 · Accepted 2024-09-16 20:57:36

Key Financial Figures

Filing Documents

01. Notice of Delisting or Failure to Satisfy a

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed on February 14, 2024, ECD received a notice from Nasdaq stating that ECD's did not 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) (the "Rule") with respect to its shares of common stock. ECD was provided a period of 180 calendar days, or until August 12, 2024, in which to regain compliance. To regain compliance ECD submitted an application to Nasdaq to transfer the listing of its shares of common stock from the Nasdaq Global Market to the Nasdaq Capital Market, which only has a $35,000,000 MVLS requirement. On August 13, 2024, ECD received a delisting notice from Nasdaq stating that ECD had not regained compliance with the Rule as of August 12, 2024. ECD requested an appeal of the delisting determination before the Nasdaq Hearings Panel (the "Panel") which stayed any suspension or delisting of ECD's securities pending the hearing before the Panel that was scheduled for September 26, 2024. On September 11, 2024, ECD received a notice that Nasdaq approved ECD's application to list its shares of common stock on the Nasdaq Capital Market. ECD securities commenced trading on the Nasdaq Capital Market at the opening of business on September 13, 2024, and the August 13, 2024 delisting notice and the pending the hearing before the Panel have been withdrawn and cancelled as moot.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On September 16, 2024, ECD Automotive Design, Inc. (the "Company") issued a press release announcing that the Company has regained compliance with Nasdaq continued listing requirements and the transfer of the listing of its shares of common stock to the Nasdaq Capital Market from the Nasdaq Global Market (the "Release"). A copy of the Release is attached hereto as Exhibit 99.1. The information in this Item 7.01, including Exhibit 99.1, is furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings. This Report will not be deemed an admission as to the materiality of any information of the information contained in this Item 7.01, including Exhibit 99.1. Cautionary Note Regarding

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, based on various assumptions, whether or not identified in this communication and on the current expectations of ECD's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of ECD. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, market, financial, political and legal conditions. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that ECD do not presently know, or that ECD currently believe are immaterial that could also cause actual results to dif

01. Financial Statements

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 99.1** Press Release dated September 16, 2024 104* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * Filed herewith. ** Furnished herewith. 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: September 16, 2024 ECD AUTOMOTIVE DESIGN, INC. By: /s/ Raymond Cole Name: Raymond Cole Title: Chief Financial Officer 3

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