Form 8-K - Current report
08 Março 2024 - 7:10PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 7, 2024
Date of Report (Date of earliest event reported)
ECD AUTOMOTIVE DESIGN, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
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001-41497 |
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86-2559175 |
(State or other jurisdiction |
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(Commission File Number) |
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(I.R.S. Employer |
of incorporation) |
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Identification No.) |
4390 Industrial Lane
Kissimmee, Florida |
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34758 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area
code: (407) 483-4825
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock |
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ECDA |
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The Nasdaq Stock Market LLC |
Warrants |
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ECDAW |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.
Item 3.01. Notice of Delisting
or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On March 7, 2024, ECD Automotive
Design Inc., a Delaware corporation (the “Company”), received a notice (the “Notice”) from The Nasdaq Stock Market
LLC (“Nasdaq”), stating that the Company’s listed securities failed to maintain a minimum Market Value of Publicly Held
Shares (“MVPHS”) of $15,000,000 which is a requirement for continued listing on The Nasdaq Global Market in accordance with
Nasdaq Listing Rule 5450(b)(2)(C) (the “MVPHS Requirement”) based upon the Company’s MVPHS for the 30 consecutive business
days prior to the date of the Notice.
The Notice has no immediate
effect on the listing of the Company’s securities on Nasdaq. The Company has been provided 180 calendar days, or until September
3, 2024, to submit a plan to Nasdaq to regain compliance. To regain compliance, the Company must maintain a minimum MVPHS of $15,000,000
for a period of ten (10) consecutive days. Alternatively, the Company may consider filing an application to transfer its listed securities
to The Nasdaq Capital Market, which has less onerous listing requirements.
As previously disclosed, on
February 14, 2024, the Company, received a notice (the “February Notice”) from Nasdaq stating that the Company’s listed
securities failed to comply with the $50,000,000 market value of listed securities (“MVLS”) requirement for continued listing
on The Nasdaq Global Market in accordance with Nasdaq Listing Rule 5450(b)(2)(A) based upon the Company’s MVLS for the 30 consecutive
business days prior to the date of the February Notice. The February Notice provided that the Company has 180 calendar days, or until
August 12, 2024, in which to regain compliance with the MVLS requirement.
The Company is currently evaluating
various courses of action to regain compliance with the Nasdaq listing requirements. There can be no assurance that the Company will
be able to regain compliance with the MVPHS Requirement, the MVLS Requirement, maintain compliance with the other Nasdaq continued listing
requirements or transfer to The Nasdaq Capital Market.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 8, 2024 |
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ECD AUTOMOTIVE DESIGN, INC. |
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By: |
/s/ Raymond Cole |
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Name: |
Raymond Cole |
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Title: |
Chief Financial Officer |
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