Adaptimmune stock plunges after announcing Nasdaq delisting plans
KISSIMMEE, Fla. - ECD Automotive Design, Inc. (NASDAQ:ECDA) has received approval from the Nasdaq Hearings Panel to maintain its listing on the exchange, subject to specific conditions the company must meet in coming months, according to a press release issued Monday. The company, which currently has a market capitalization of $5.71 million, faces significant challenges with InvestingPro data showing a concerning debt-to-capital ratio of 81%.
The luxury vehicle restoration company must demonstrate a closing bid price of $1.00 or more for ten consecutive trading days by October 1, 2025. Additionally, ECD must achieve stockholder equity of at least $2.5 million by January 7, 2026, to comply with Nasdaq’s equity standard requirement. According to InvestingPro analysis, the company’s financial health score is currently rated as WEAK, with a current ratio of 0.58 indicating potential liquidity concerns.
To address the minimum bid price requirement, ECD implemented a 1-for-40 reverse stock split of its common stock on September 18. The company has also taken steps toward meeting the equity standard by executing a $500 million equity line of credit in June, while a lender recently converted $15.5 million in debt to preferred equity and purchased an additional $1.1 million of preferred stock. Despite these challenges, InvestingPro analysts project the company will return to profitability this year, with an EPS forecast of $3.96 for FY2025. Get access to 15+ additional exclusive ProTips and comprehensive financial analysis with an InvestingPro subscription.
"We are pleased with the Panel’s decision, which allows ECD to maintain its Nasdaq listing while we work diligently to meet the conditions outlined," said Scott Wallace, CEO and Co-Founder of ECD, in the statement. The company reported revenue of $25.16 million in the last twelve months, with a gross profit margin of 21.58%.
ECD Automotive Design specializes in restoring luxury vehicles including Land Rover Defenders, Range Rovers, Jaguar E-Types, Ford Mustangs, and Toyota FJs. The company operates from its 100,000-square-foot facility in Kissimmee, Florida, which employs 102 staff members, including 67 craftsmen and technicians.
The company, which went public and trades under the ticker ECDA, describes itself as the world’s largest Land Rover and Jaguar restoration company.
In other recent news, ECD Automotive Design Inc. reported its Q2 2025 earnings, revealing a record revenue of $7 million, which marks a $500,000 increase compared to the same quarter last year. Despite the revenue growth, the company experienced a net loss of $4.3 million, a significant increase from the $2 million loss in Q2 2024. Additionally, ECD Automotive Design announced a 1-for-40 reverse stock split, effective September 18, 2025, to help meet Nasdaq’s minimum bid price requirement for continued listing. This move will reduce the outstanding shares from approximately 59.1 million to about 1.48 million. The company’s common stock will continue trading under the same symbol but with a new CUSIP number. Furthermore, ECD Automotive Design received an additional delisting notice from Nasdaq due to non-compliance with the minimum market value requirement of $35 million. The company had previously been given until August 25 to meet this standard. These developments reflect ongoing challenges and strategic adjustments by ECD Automotive Design.
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