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KISSIMMEE, Fla. - ECD Automotive Design (NASDAQ:ECDA) has formed a partnership with British automotive design house Chelsea Truck Company to customize New Defender L663 and INEOS Grenadier vehicles, the company announced Monday. The micro-cap company, currently trading at $1.28, has seen its shares decline over 96% year-to-date according to InvestingPro data.
The agreement combines Chelsea Truck Company's exterior and interior design elements with ECD's vehicle customization capabilities at its Florida facility. The partnership aims to deliver luxury 4x4 vehicles with faster delivery times to U.S. customers.
"ECD Auto Design and Chelsea Truck Company unite two worlds of automotive artistry, blending ECD's precision engineering with Chelsea Truck Company's unmistakable British design prowess," said Elliot Humble, CTO and Co-Founder of ECD.
Chelsea Truck Company, operating under Kahn Design in the UK, specializes in custom Land Rover and luxury 4×4 conversions, known for wide-track kits and exclusive finishes.
ECD Automotive Design, which trades publicly on Nasdaq, restores various luxury vehicles including Land Rovers, 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 105 staff with automotive certifications.
According to the press release statement, each vehicle will be hand-built at ECD's facility, with customization options available through the company's design experience.
In other recent news, ECD Automotive Design has received approval from the Securities and Exchange Commission to sell up to $300 million in stock under an existing equity purchase facility agreement. This registration statement became effective on November 3, allowing the company to begin stock sales. Additionally, ECD Automotive Design announced it has regained compliance with Nasdaq's minimum bid price requirement, having maintained the necessary share price threshold for 16 consecutive business days. In another development, the company has unveiled its first custom Porsche 911 build, named "Gravette," marking its entry into the Porsche 911 restoration market through its Boutique Division. This follows an earlier expansion into Ford Mustang restorations. Furthermore, ECD Automotive Design has reached a settlement agreement with its securities counsel, Loeb & Loeb LLP, issuing a warrant for 550,000 shares to settle up to $2,090,000 in legal fees. The company continues to make strategic moves, including this legal fee settlement, which allows Loeb & Loeb to acquire shares at a nominal exercise price. These developments reflect ECD Automotive Design's ongoing efforts to expand its market presence and manage its financial obligations.
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