Upon completion of the transaction contemplated by the Merger Agreement (the “Business Combination”), E.C.D. will be a wholly owned subsidiary of EFHT, EFHT will change its name to “E.C.D. Automotive Design Inc.” and the combined company’s common stock is expected to be listed on the
E.C.D. has dedicated itself to fully restoring Land Rover Defenders from the ground up, returning the nostalgic experience to the road and ensuring their timelessness with modern touches, performance, and quality upgrades. The E.C.D. line-up also includes the Land Rover Series IIA, the Range Rover Classic and the Jaguar E-Type. The Company has also been a pioneer in the electrification of classic vehicles and is well positioned to capitalize on this powerful secular trend.
E.C.D. was founded in 2013 and since inception, the Company has delivered over 500 vehicles. E.C.D. recently moved into a state of the art, 100,000 square foot manufacturing facility located in
“We are excited to work with the experienced management team at EFHT and grateful for the opportunity to bring E.C.D. to new heights,” E.C.D.’s CEO and co-founder
“We are thrilled to team up with the founders of E.C.D., as we view E.C.D. as the scaled leader in the highly fragmented, exotic automobile restoration and modification industry, which caters to an affluent client base and delivers a gross margin profile on par with other ultra-high end automobile manufacturers,” said EFHT’s Chairman and CEO,
Overview of Business Combination
In connection with the Business Combination, EFHT has formed a wholly owned
The boards of directors of both E.C.D. and EFHT have approved the transaction. The transaction will require the approval of the stockholders of both E.C.D. and EFHT, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the third quarter of 2023.
Additional information about the proposed transaction, including a copy of the Merger Agreement, will be provided in a Current Report on Form 8-K to be filed by EFHT with the
About
E.C.D. is a creator of restored luxury vehicles that combines classic English beauty with modern performance. Currently, E.C.D. restores Land Rovers Defenders, Land Rover Series IIA, the Range Rover Classic and the Jaguar E-Type. Each vehicle produced by E.C.D. 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 “petrol heads'' whose passion for classic vehicles is the driving force behind exceptionally high standards for quality, custom luxury vehicles. E.C.D.’s global headquarters, known as the “Rover Dome,” is a 100,000-square-foot facility located in
About
EFHT is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
Advisors
EF Hutton, division of
Important Information About the Proposed Business Combination and Where to Find It
In connection with the proposed Business Combination, E.C.D. and EFHT intend to file relevant materials with the
Participants in the Solicitation
EFHT and its directors and executive officers may be deemed participants in the solicitation of proxies from EFHT’s stockholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in EFHT will be included in the proxy statement for the proposed Business Combination and be available at www.sec.gov. Additional information regarding the interests of such participants will be contained in the proxy statement for the proposed Business Combination when available. Information about EFHT’s directors and executive officers and their ownership of EFHT common stock is set forth in EFHT’s final prospectus, as filed with the
E.C.D. and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of EFHT in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination will be included in the proxy statement for the proposed Business Combination.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. E.C.D.’s and EFHT’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, E.C.D.’s and EFHT’s expectations with respect to future performance and anticipated financial impacts of the proposed Business Combination, the satisfaction of the closing conditions to the proposed Business Combination, and the timing of the completion of the proposed Business Combination.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside E.C.D.’s and EFHT’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Merger Agreement; (2) the outcome of any legal proceedings that may be instituted against E.C.D. and EFHT following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the proposed Business Combination, including due to failure to obtain approval of the stockholders of E.C.D. and EFHT, certain regulatory approvals, or satisfy other conditions to closing in the Merger Agreement; (4) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (5) the impact of COVID-19 pandemic on E.C.D.’s business and/or the ability of the parties to complete the proposed Business Combination; (6) the inability to obtain the listing of the combined company’s common stock on the
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed Business Combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Contacts:
For
Chairman and CEO
Email: investorrelations@ecdautodesign.com
Tel: 407-483-4825
For
Chairman and CEO
Email: bpiggott@efhuttonacquisitioncorp.com
Tel: 929-528-0767
Source:
2023 GlobeNewswire, Inc., source