Custom EV conversion specialist ECD Automotive Design celebrated a huge milestone today, ringing the opening bell in New York City as it was officially listed on the NASDAQ following a successful SPAC Merger with EF Hutton. The merger gives the company specializing in classic UK vehicles plenty of runway to grow its already successful business.
Today’s ceremony at the New York Stock Exchange puts a bookend on a ten-year journey for ECD Automotive that began with three British gearheads essentially flying by the seat of their pants to deliver the most customizable, one-of-one vehicles to customers who have grown to love their talents so much; many have returned to purchase a second or third model.
Today, a new chapter begins as more and more ECD customers opt to go all-electric with their custom builds.
We at Electrek have been following the company’s progress for the last three years, making a habit of annual visits to see what co-founders Scott Wallace, Elliott Humble, and Tom Humble and their teams are working on next.
We’ve personally test-driven electric Land Rover Defenders and have watched the custom build specialist transcend its original footprint to a new 100,000 square-foot space down the street it’s already getting too large for.
Just last month, we visited the ECD team to test drive its latest EV conversion – an all-electric Jaguar E-Type – complete with a new drivetrain and battery setup offering many exciting new features. At the time, we learned that ECD was working on an IPO to list on the NASDAQ in December.
Earlier today, ECD completed its SPAC Merger and had the honor of ringing the opening bell in New York ahead of its official listing on the NASDAQ as ($ECDA).
ECD Automotive officially joins NASDAQ as ECDA
Ahead of this morning’s public listing, ECD Automotive Design completed a business combination with EF Hutton Acquisition Corporation I ($EFHT) – a special purpose acquisition company (SPAC) formed by EF Hutton.
From today forward, the newly combined company will be named “ECD Automotive Design Inc.” in a deal that pays existing ECD shareholders $2 million in cash and a slew of securities. EFHT agreed to a $15 million private investment in public equity (PIPE) after ECD was valued at a proforma enterprise value of $330 million.
Co-founder and CEO Scott Wallace will remain the head of the freshly merged company and will continue its unique resto-mod work alongside fellow co-founders Tom Humble, Emily Humble, Elliott Humble, and CFO Raymond Cole. Wallace spoke following ECD’s NASDAQ listing:
This transaction and a Nasdaq listing positions ECD to accelerate our growth as the scaled leader in restomods. We create truly ‘one of one’ vehicle builds and offer highly engaging experiences for consumers who share our genuine passion for automotives. With demand for these creations on the rise, we are in the pole position to expand our business by bringing new innovations to our product line and consolidating the fragmented industry. This is an exciting milestone for our staff, customers and many fans.
In speaking with Wallace before the merger, his biggest concern was ensuring ECD’s product quality and customer service remain at the most elite level – two pillars that have helped propel the company through its last decade of growth. With a NASDAQ listing and fresh funding in place, ECD should feel empowered to explore exciting new restorations and EV conversions of classic cars. We’re sure they already have some ideas in the works.
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