ECD Auto Design and EF Hutton Acquisition I today announced the completion of their business combination. Renamed ECD Automotive Design, the company’s stock and warrants are expected to begin trading tomorrow on the Nasdaq Global under the symbols ECDA and ECDAW.
ECD management is scheduled to ring the Nasdaq opening bell at 9:15 a.m. Eastern tomorrow.
EF Hutton I shareholders approved the deal last week. The SPAC said 3,470,945 shares out of 3,492,647 shares were submitted for redemption at $10.75 each, leaving 21,702 shares of common stock.
As announced in March, the transaction had an initial value for E.C.D. of $225 million.
Florida-based E.C.D. is engaged in the restoration and modification of select vehicles 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. Currently, ECD restores Land Rovers Defenders, Land Rover Series IIA, the Range Rover Classic and the Jaguar E-Type.
EF Hutton is serving as Capital Markets Advisor and Placement Agent to the SPAC. Loeb & Loeb is legal counsel to the SPAC. PAG.Law and Shuffled, Lowman & Wilson are serving as legal counsel to ECD. Read more.
