Humble Imports, d/b/a E.C.D. Auto Design, and EF Hutton Acquisition I announced today that they have entered into a definitive merger agreement.
If approved, E.C.D. will be a wholly owned subsidiary of the SPAC and will will change its name to E.C.D. Automotive Design. The combined company’s common stock is expected to be listed on the Nasdaq. The transaction reflects an initial value for E.C.D. of $225 million.
E.C.D. is engaged in the restoration and modification of Land Rover Defenders from the ground up, “returning the nostalgic experience to the road and ensuring their timelessness with modern touches, performance, and quality upgrades,” according to a press release.
The SPAC has formed a wholly owned Florida corporation that will merge with E.C.D. and E.C.D. would be the surviving corporation. Terms call for E.C.D. shareholders to 21 million shares of the SPAC’s stock at $10 per share and a cash payment of $15 million. Read more.
