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Stockholders of ECD Automotive Design, Inc. (NASDAQ:ECDA) approved several proposals at the company’s 2025 annual meeting held Tuesday, according to a press release statement based on the company’s SEC filing.
At the meeting, stockholders authorized the board to implement one or more reverse stock splits of the company’s outstanding common stock, at a ratio of up to 1-for-200, at the board’s discretion before July 31, 2026. The reverse split proposal received 25,129,699 votes in favor, 302,214 against, and 4,245 abstentions, representing 52.81% of shares present and voting.
Stockholders also approved the issuance of shares in excess of 19.99% of outstanding common stock, as required under Nasdaq Rule 5635, related to several previously disclosed agreements. The share issuances proposal received 25,021,727 votes for, 410,292 against, and 4,139 abstentions, or 98.37% of shares present.
In addition, an amendment to the 2023 Equity Incentive Plan was approved, increasing the number of shares reserved under the plan from 2,500,000 to 15,000,000. The proposal passed with 24,999,256 votes for, 436,519 against, and 86,952 abstentions.
Thomas Wood was elected as a Class II director to serve until the 2028 annual meeting, receiving 25,126,435 votes for, 285,444 against, and 24,279 abstentions, or 98.78% of shares present.
Stockholders also ratified the appointment of Barton CPA PLLC as the company’s independent registered public accounting firm for the year ending December 31, 2025. This proposal received 25,363,332 votes for, 44,458 against, and 28,368 abstentions, representing 99.71% of shares present.
The meeting had a quorum with 25,436,158 shares represented in person or by proxy, out of 47,582,249 shares entitled to vote as of the July 2, 2025 record date.
This information is based on a press release statement and the company’s Form 8-K filed with the Securities and Exchange Commission.
In other recent news, ECD Automotive Design has made significant strides with a $500 million equity facility aimed at implementing a Bitcoin treasury strategy. This financial move is set to fund growth initiatives and acquire Bitcoin as a reserve asset. Additionally, the company has introduced operational efficiency measures to improve its financial standing. These measures include a thorough review of cost structures and capital allocation, focusing on cost savings and inventory management. Negotiations with existing lenders are also part of this initiative.
Moreover, ECD Auto Design has unveiled a new 700+ horsepower BLUEPRINT V8 engine for its classic SUVs, specifically for the Defender lineup and Range Rover Classic models. This engine upgrade is a response to client demand for more powerful drivetrains, featuring enhancements to the cooling systems and drivetrain. The first client build with this engine is currently in progress, reflecting the company’s commitment to maintaining classic aesthetics while boosting vehicle performance.
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