Summary by Futu AI
On April 24, 2024, ECD Automotive Design, Inc. (ECD), a leading restorer of luxury vehicles, announced the completion of a significant acquisition from Brand New Muscle Car. The deal, valued at up to $1.25 million, was finalized with the issuance of restricted stock in ECD. This acquisition includes assets related to vehicle builds and the trademark 'Brand New Muscle Car.' The transaction, which was initially disclosed on April 3, 2024, involves the payment of $950,000 plus an additional amount up to $300,000, based on new vehicle builds referred by the Sellers and accepted by ECD by June 24, 2024. The payment will be made in ECD common stock, calculated based on the stock's closing price five months post-closing. The closing of the deal was subject to standard...Show More