ECD Automotive Design receives Nasdaq notice for delinquent filing, plans to regain compliance within 60 days.
Quiver AI Summary
ECD Automotive Design, Inc. (Nasdaq: ECDA) has received a notice from Nasdaq informing the company that it is not in compliance with Listing Rule 5250(c)(1) due to its failure to file the Form 10-Q for the quarter ending September 30, 2024. The company has 60 days to submit a plan to regain compliance, with the possibility of receiving an extension of up to 180 days if the plan is accepted. ECD is currently working to complete the overdue Form 10-Q and expects to file it within the 60-day timeframe. ECD specializes in restoring and modifying luxury vehicles, particularly Land Rover Defenders and other classic models, and operates from its headquarters in Kissimmee, Florida.
Potential Positives
- The company is actively working to address the compliance issue with Nasdaq, indicating a proactive approach to meeting regulatory requirements.
- ECD Automotive Design anticipates filing its Form 10-Q within the 60-day period, demonstrating a commitment to regaining compliance and maintaining its NASDAQ listing.
- The company operates a unique business model, restoring classic luxury vehicles, which could attract niche market interest and enhance brand loyalty.
- ECD's extensive experience in custom vehicle restoration, highlighted by their skilled craftsmen, underscores the company's quality and dedication to high standards in the automotive industry.
Potential Negatives
- The company is currently non-compliant with Nasdaq Listing Rule 5250(c)(1) due to delinquency in filing its Form 10-Q, which may negatively impact investor confidence.
- The notice from Nasdaq indicates potential risks of delisting if the company fails to regain compliance within the specified timeframes.
- This situation reflects possible internal management or operational issues that could hinder the company's financial transparency.
FAQ
What is the recent notice received by ECD Automotive Design?
ECD Automotive Design received a notice from Nasdaq for failing to timely file its Form 10-Q for the quarter ended September 30, 2024.
How long does ECD have to regain compliance with Nasdaq?
The Company has 60 calendar days to submit a plan to regain compliance, with a potential extension of up to 180 days possible.
What is ECD Automotive Design known for?
ECD is known for restoring and modifying luxury vehicles like Land Rover Defenders, Jaguars, Ford Mustangs, and Toyota FJs.
Where is ECD Automotive Design headquartered?
ECD Automotive Design is headquartered in Kissimmee, Florida, in a facility known as the “Rover Dome.”
What is the process for building vehicles at ECD?
Each vehicle is fully bespoke, designed by the client, and takes approximately 2,200 hours to hand-build by master-certified craftsmen.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ECDA Hedge Fund Activity
We have seen 4 institutional investors add shares of $ECDA stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BOOTHBAY FUND MANAGEMENT, LLC removed 80,390 shares (-100.0%) from their portfolio in Q2 2024
- YAKIRA CAPITAL MANAGEMENT, INC. removed 74,886 shares (-100.0%) from their portfolio in Q2 2024
- ATLAS MERCHANT CAPITAL LLC removed 43,750 shares (-100.0%) from their portfolio in Q2 2024
- CONTEXT CAPITAL MANAGEMENT, LLC removed 41,875 shares (-100.0%) from their portfolio in Q2 2024
- XTX TOPCO LTD added 16,825 shares (+inf%) to their portfolio in Q3 2024
- FOUNDERS FINANCIAL SECURITIES LLC added 13,000 shares (+86.7%) to their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC added 10,800 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
KISSIMMEE, Fla., Dec. 11, 2024 (GLOBE NEWSWIRE) -- ECD Automotive Design, Inc. (Nasdaq: ECDA) (“ECA Auto Design” or the “Company”), an industry leader in delivering restored, modified and electrified Land Rover Defenders, Jaguars, Ford Mustangs, and Toyota FJs, received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, because the Company is delinquent in filing its Form 10-Q for the quarter ended September 30, 2024, the Company no longer complies with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”), which requires companies with securities listed on Nasdaq to timely file all required periodic reports with the SEC. The Notice provided that the Company shall have 60 calendar days to submit a plan to regain compliance with the Listing Rule, and if Nasdaq accepts the Company’s plan, Nasdaq can grant the Company an exception of up to 180 calendar days from the Filing’s due date, or until May 19, 2025, to regain compliance with the Listing Rule.
The Company is diligently working to complete its Form 10-Q for the quarter ended September 30, 2024, and the Company expects to complete and file its Form 10-Q for the quarter ended September 30, 2024 with the SEC to regain compliance with the Listing Rule prior to the expiration of the 60 day period.
About ECD Auto Design
ECD, a public company trading under the symbol ECDA on the Nasdaq Stock Market, is a creator of restored luxury vehicles that combines classic English beauty with modern performance. Currently, ECD restores Land Rovers Defenders, Land Rover Series IIA, the Range Rover Classic, the Jaguar E-Type and we have recently added the Ford Mustang and Toyota FJs. Each vehicle produced by ECD is fully bespoke, a one-off that is designed by the client through an immersive luxury design experience and hand-built from the ground up in 2,200 hours by master-certified Automotive Service Excellence (“ASE”) craftsmen. The company was founded in 2013 by three British “gear heads” whose passion for classic vehicles is the driving force behind exceptionally high standards for quality, custom luxury vehicles. ECD’s global headquarters, known as the “Rover Dome,” is a 100,000-square-foot facility located in Kissimmee, Florida that is home to 90 talented craftsmen and technicians, who hold a combined 61 ASE and five master level certifications. ECD has an affiliated logistics center in the U.K. where its seven employees work to source and transport 25-year-old work vehicles back to the U.S. for restoration. For more information, visit
www.ecdautodesign.com
.
Investor Contact:
Brian M. Prenoveau, CFA
MZ Group – MZ North America
ECDA@mzgroup.us
+561 489 5315
SOURCE:
ECD Automotive Design, Inc.
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