Street Calls of the Week
KISSIMMEE, Fla. - ECD Automotive Design, Inc. (NASDAQ:ECDA), a luxury vehicle restoration company with a market capitalization of $4.08 million and trailing twelve-month revenue of $25.16 million, announced Tuesday it has regained compliance with Nasdaq’s minimum bid price requirement.
The company received written confirmation from Nasdaq on October 10 that it had met the exchange’s listing rule requiring a minimum bid price of $1.00 per share. According to the company, ECD shares maintained the required threshold for 16 consecutive business days ending October 9, with shares closing at approximately $2.72 on October 10. This comes amid a challenging year for the stock, which has declined over 92% year-to-date according to InvestingPro data.
"We are pleased to have met this requirement, which supports ECD’s continued listing on Nasdaq and provides the ongoing tradability and liquidity of our shares for investors," said Scott Wallace, CEO and Co-Founder of ECD. InvestingPro analysis indicates the company currently maintains a weak financial health score, with short-term obligations exceeding liquid assets.
The company still needs to meet an additional Nasdaq requirement by January 7, 2026, which involves compliance with the exchange’s equity standard.
ECD Automotive Design specializes in restoring luxury 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 102 staff members.
The announcement was made in a company press release.
In other recent news, ECD Automotive Design has completed its first Porsche restoration project, named "Gravette," based on a 1990s-era Porsche 911 (993). This marks the company’s expansion into the Porsche 911 restoration and customization market through its Boutique Division. The project features a turbocharged M64 engine with an estimated 500 horsepower and various custom enhancements. Additionally, ECD Automotive Design has entered into an agreement with Loeb & Loeb LLP to settle up to $2,090,000 in legal fees by issuing a common stock purchase warrant. The warrants allow Loeb & Loeb to acquire 550,000 shares of ECD’s common stock at an exercise price of $0.01 per share.
In another development, ECD Automotive Design launched a VIP Test Drive program, offering potential clients the opportunity to experience custom-restored luxury vehicles at their convenience. This service is available within a 75-mile radius of the company’s locations, covering areas from Vero Beach to Miami and Central Florida. Furthermore, ECD Automotive Design corrected a previous announcement, clarifying that $13.7 million of debt was converted to preferred equity, not the previously reported $15.5 million. The company has been granted continued listing on the Nasdaq Stock Market, subject to meeting specific conditions by 2025 and 2026.
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