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ECD Automotive Design, Inc., a Delaware-based company specializing in motor vehicles and passenger car bodies, has been notified by The Nasdaq Stock Market LLC of non-compliance with the exchange’s minimum bid price requirement. Currently trading at $0.91, the company’s common stock has not maintained the required $1 per share minimum bid price over the last 30 consecutive business days, violating Nasdaq’s Listing Rule 5550(a)(2). According to InvestingPro analysis, the stock is currently trading below its Fair Value.
The notice, received on Monday, February 5, 2025, does not immediately affect the listing of ECD Automotive’s common stock on Nasdaq. Under Rule 5810(c)(3)(A), the company has been granted a 180-day period, until August 4, 2025, to regain compliance. Recent momentum shows promise, with the stock gaining nearly 15% in the past week and about 20% over six months. Compliance can be achieved if the company’s common stock’s closing bid price reaches at least $1 for a minimum of ten consecutive business days within this timeframe.
Failure to regain compliance by the deadline could lead to delisting proceedings. However, if ECD Automotive were to receive such notice, the company would have the right to appeal the delisting decision to a Nasdaq Hearings Panel.
This development comes as the company, formerly known as EF Hutton Acquisition Corp I until a name change on April 11, 2022, faces the challenge of boosting its share price amidst the regulatory requirements of its listing. The company has publicly disclosed the receipt of the Notice in compliance with Nasdaq Listing Rule 5810(b), as indicated in their Form 8-K filed on February 7, 2025.
ECD Automotive’s management has not yet provided a public strategy for addressing the share price issue. InvestingPro data reveals the company’s overall financial health score is rated as WEAK, with particularly concerning metrics in profitability and cash flow. The company’s common stock and warrants are currently listed under the ticker symbols ECDA and ECDAW, respectively, on The Nasdaq Stock Market LLC. Unlock deeper insights and over 30 additional financial metrics with InvestingPro.
In other recent news, ECD Automotive Design, Inc. has been active on multiple fronts. The company announced an amendment to increase the number of shares reserved under its 2023 Equity Incentive Plan from 400,000 to 2,500,000 shares. This significant change was approved during its annual meeting with an overwhelming majority of stockholders’ votes. Additionally, Robert Machinist and Patrick Lavelle were elected as Class I directors, set to serve until the 2027 annual meeting. Barton CPA PLLC was also ratified as the company’s independent registered public accounting firm for the year ending December 31, 2024.
In a separate development, ECD Automotive Design launched its first retail showroom in partnership with One Drivers Club in West Palm Beach. This 4,800-square-foot space is intended to provide an immersive experience for clients to customize their vehicles. The showroom will serve as both a sales center and a design hub, marking a significant step into retail and direct consumer engagement for the company. These are among the recent developments for ECD Automotive Design.
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