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

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 conditions and was accompanied by the execution of several agreements, including an IP Assignment Agreement and a Trademark License Agreement. ECD's CEO, Scott Wallace, expressed enthusiasm for the acquisition, which marks the company's first as a publicly traded entity and will introduce a third production line for classic American muscle cars at their Florida facility. The first new product is expected to roll off the line in August 2024. ECD, known for its custom luxury builds of classic Land Rovers and Jaguars, sees this expansion as an opportunity to tap into the $15 billion classic car market and increase its presence among restomod enthusiasts.