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KISSIMMEE, Fla. - ECD Automotive Design, Inc. (NASDAQ:ECDA), a restoration company specializing in custom luxury vehicles with $24.6 million in trailing twelve-month revenue, announced Thursday it has exchanged $10 million of outstanding convertible promissory notes for 15,000 newly issued shares of Series C Convertible Preferred Stock.
The company also completed a private placement sale of 1,111 shares of Series C Convertible Preferred Stock for $999,900.
These transactions are part of ECD’s strategy to strengthen its capital structure and regain compliance with Nasdaq listing standards. The exchange reduces the company’s debt burden and lowers cash interest expenses, while the equity raise provides additional working capital to support operations and retail location expansion.
"We’re grateful for the continued confidence of our investor," said Scott Wallace, CEO of ECD Auto Design.
ECD specializes in restoring classic vehicles including Land Rover Defenders, Range Rover Classics, Jaguar E-Types, Ford Mustangs, and Toyota FJs. The company operates from a 100,000-square-foot facility in Kissimmee, Florida, employing 67 craftsmen and technicians with a combined 66 Automotive Service Excellence certifications.
The company also maintains a logistics center in the United Kingdom where employees source and transport 25-year-old vehicles to the U.S. for restoration.
According to the company’s press release statement, each transaction represents significant steps toward improving ECD’s financial flexibility while positioning it for future growth.
In other recent news, ECD Automotive Design, Inc. has made several significant announcements. The company has secured a $500 million equity facility with ECDA Bitcoin Treasury LLC to implement a Bitcoin treasury strategy and support growth initiatives. This move will allow ECD Automotive Design to acquire Bitcoin as a reserve asset and fund general corporate purposes. In addition, stockholders have approved multiple proposals at the company’s 2025 annual meeting, including the authorization for the board to execute reverse stock splits of up to 1-for-200, to be decided before July 31, 2026.
Moreover, ECD Automotive Design has received a notice from the Nasdaq Stock Market regarding the potential delisting of its common stock and warrants due to non-compliance with specific listing rules. The company plans to appeal this notice. To enhance its financial position, ECD Automotive Design has implemented operational efficiency measures. These include a comprehensive review of its cost structure, inventory management practices, and negotiations with lenders.
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