ECD Automotive Design Announces Nasdaq Delisting Notification
August 16 2024 - 4:45PM
ECD Automotive Design, Inc. (“ECD” or the “Company”)
(NASDAQ: ECDA), an industry leader in delivering restored,
modified and electrified Land Rover Defenders, Jaguars, and other
classic and collectible automobiles, today announced that the
Company received a delisting notice from The Nasdaq Stock Market
LLC (“Nasdaq”).
As previously disclosed in the Current Reports
on Form 8-K filed with the Securities and Exchange Commission (the
“SEC”) on February 16, 2024 by the Company, on February 14, 2024,
the Company received a notice from 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) (the “Rule”). The Company was
provided a period of 180 calendar days, or until August 12, 2024,
in which to regain compliance.
On August 13, 2024, the Company received another
notice from Nasdaq stating that the Company had not regained
compliance with the Rule. Accordingly, its securities will be
delisted from The Nasdaq Global Market. Unless the Company requests
an appeal of the determination before the Nasdaq Hearings Panel
(the “Panel”) by August 20, 2024, trading of the Company’s common
stock and warrants will be suspended at the opening of business on
August 22, 2024, and a Form 25-NSE will be filed with the SEC,
which will remove the Company’s securities from listing and
registration on Nasdaq. The Company intends to timely request an
appeal before the Panel. The hearing request will result in a stay
of any suspension or delisting action pending the hearing.
About ECD Automotive DesignECD
is a creator of restored luxury vehicles that combines classic
English beauty with modern performance. Currently, ECD restores
Land Rovers Defenders, Land Rover Series IIA, the Range Rover
Classic and the Jaguar E-Type. Each vehicle produced by ECD is
fully bespoke, a one-off that is designed by the client through
an immersive luxury design experience and hand-built from the
ground up in 2,200 hours by master-certified Automotive Service
Excellence (“ASE”) craftsmen. The Company was founded in 2013 by
three British “gear heads'' whose passion for classic vehicles is
the driving force behind exceptionally high standards for quality,
custom luxury vehicles. ECD’s global headquarters, known as
the “Rover Dome,” is a 100,000-square-foot facility located in
Kissimmee, Florida that is home to 80 talented craftsmen and
technicians, who hold a combined 61 ASE and five master level
certifications. ECD has an affiliated logistics center in the U.K.
where its seven employees work to source and transport 25-year-old
work vehicles back to the U.S. for restoration. For more
information, visit www.ecdautodesign.com.
Forward-Looking StatementsThis
press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. 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, statements regarding estimates and forecasts of
other performance metrics and projections of market opportunity.
These statements are 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 differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect ECD’s
current expectations, plans and forecasts of future events and
views as of the date hereof. Nothing in this communication should
be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved. You should not place undue reliance on
forward-looking statements in this communication, which speak only
as of the date they are made and are qualified in their entirety by
reference to the cautionary statements herein and the risk factors
of ECD described in the Annual Report on Form 10-K for the year
ended December 31, 2023, which was filed by ECD with the SEC on May
3, 2024, which you are encouraged to read. ECD anticipates that
subsequent events and developments will cause its assessments to
change. However, while ECD may elect to update these
forward-looking statements at some point in the future, ECD
specifically disclaims any obligation to do so, except as required
by law. These forward-looking statements should not be relied upon
as representing ECD’s assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Contacts:
ECD Automotive DesignScott Wallace, Chairman and CEO
investorrelations@ecdautodesign.com
MZ Group – MZ North AmericaBrian M. Prenoveau,
CFAECDA@mzgroup.us+561 489 5315
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