ECD Automotive Design, Inc. (ECD), known for its custom luxury vehicle builds, has completed a series of financial transactions to support its growth initiatives. On August 8, 2024, ECD entered into a securities subscription agreement with investor Theodore Duncan, issuing 1,000,000 shares of common stock and a warrant to purchase 100,000 shares at $0.01 per share for $1,000,000. Additionally, ECD secured $2 million in funding from existing stakeholders to accelerate growth in its Ford Mustang and Toyota FJ product lines and to secure high-value-added licenses. This funding is part of ECD's strategy to expand its 'Build-To-Sell' model and to open its first retail location in 2025. The company also reported events of default under a senior secured convertible note and preferred stock held...Show More

ECD Automotive Design, Inc. (ECD), known for its custom luxury vehicle builds, has completed a series of financial transactions to support its growth initiatives. On August 8, 2024, ECD entered into a securities subscription agreement with investor Theodore Duncan, issuing 1,000,000 shares of common stock and a warrant to purchase 100,000 shares at $0.01 per share for $1,000,000. Additionally, ECD secured $2 million in funding from existing stakeholders to accelerate growth in its Ford Mustang and Toyota FJ product lines and to secure high-value-added licenses. This funding is part of ECD's strategy to expand its 'Build-To-Sell' model and to open its first retail location in 2025. The company also reported events of default under a senior secured convertible note and preferred stock held by a lender due to failures in filing financial statements and meeting performance conditions. To address these defaults, ECD entered into an agreement on August 9, 2024, with the lender, issuing a new senior secured convertible note for $1,154,681, and providing waiver of the defaults. The new note matures on December 12, 2026, with an interest rate of Prime plus 5%, and includes conversion and redemption rights. ECD also issued 300,000 shares of common stock and a warrant to purchase 79,673 shares at $11.50 per share to the lender. These transactions were disclosed in a Current Report on Form 8-K filed with the SEC.