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Ecd Automotive Design, Inc. (NASDAQ:ECDA) disclosed Monday that it has received an additional notice from the Nasdaq Stock Market stating that its common stock and warrants are subject to delisting. The company has not regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1 per share, and is also not in compliance with the minimum stockholders’ equity requirements for initial listing.
According to the company’s statement, Nasdaq informed Ecd Automotive Design on August 6 that, unless the company requests an appeal by August 13, trading of its common stock and warrants (NASDAQ:ECDAW) will be suspended at the opening of business on August 15. Nasdaq will then file a Form 25-NSE with the Securities and Exchange Commission to remove the company’s securities from listing and registration.
Ecd Automotive Design said it intends to request a hearing before the Nasdaq Hearings Panel, which will result in a stay of any suspension or delisting action pending the hearing. The company previously received notice from Nasdaq in February that its securities had closed below $1 for 30 consecutive business days, triggering the initial noncompliance determination. The company was given 180 calendar days, until August 4, to regain compliance but did not do so and is not eligible for an additional 180-day extension.
The company also noted that its warrants are subject to delisting under Nasdaq Listing Rule 5560(a).
This information is based on a press release statement included in the company’s recent SEC filing.
In other recent news, ECD Automotive Design 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 fund growth initiatives. This move will allow ECD Automotive Design to acquire Bitcoin as a reserve asset and support general corporate purposes. Additionally, stockholders have approved a proposal for a reverse stock split, allowing the board to implement a split of up to 1-for-200 at its discretion before July 31, 2026.
In efforts to enhance operational efficiency, ECD Automotive Design has completed a review of its cost structure and capital allocation, leading to actions like cost savings analysis and improved inventory management. The company has also introduced a new 700+ horsepower BLUEPRINT V8 engine upgrade for its Defender and Range Rover Classic models, responding to client demand for more powerful drivetrains. This engine maintains the classic appearance while boosting performance. These developments reflect ECD Automotive Design’s strategic focus on innovation and financial growth.
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