ECD Automotive Clarifies Debt Conversion Amount $13.7M Converted To Preferred Equity; Must Meet Nasdaq Requirement by January 7, 2026

Author: Benzinga Newsdesk | September 25, 2025 08:10am

ECD Automotive Design, Inc. ("ECD" or the "Company") is re-issuing in its entirety the press release for its continued listing on The Nasdaq Stock Market issued on September 22, 2025 at 8:05 a.m. ET, to correct a statement in the press release regarding the amount of debt that was converted to preferred equity. The correct amount of debt that was converted to preferred equity is $13.7 million, not $15.5 million. The corrected release in its entirety is set forth below.

ECD Automotive Design Granted Continued Listing by the Nasdaq Hearings Panel

ECD Automotive Design, Inc. (NASDAQ: ECDA), the world's largest Land Rover and Jaguar restoration company known for its custom luxury builds, including bespoke Defenders, Range Rovers, Jaguar E-Types, Ford Mustangs and Toyota FJs, today announced that the Nasdaq Hearings Panel (the "Panel") granted the request of ECD to continue its listing on The Nasdaq Stock Market ("Nasdaq"). ECD's continued listing on Nasdaq is subject to the following conditions:

• On or before October 1, 2025, the Company shall demonstrate compliance with the minimum bid price under Nasdaq Listing Rule 550(a)(2) by having a closing bid price of $1.00 or more for ten (10) consecutive trading days;
• On or before January 7, 2026, the Company shall demonstrate compliance with the equity standard under Nasdaq Listing Rule 5550(b) by having stockholder equity of at least $2.5 million.

Scott Wallace, CEO and Co-Founder of ECD, commented: "We are pleased with the Panel's decision, which allows ECD to maintain its Nasdaq listing while we work diligently to meet the conditions outlined. Our recent financial results demonstrate encouraging momentum with record quarterly revenue and the expansion of our product offering. We remain focused on disciplined execution and strengthening our financial position to deliver long-term value for our shareholders."

The Company expects to comply with both the minimum bid price requirement and the equity standard requirement within the time periods mandated by the Panel.

On September 18, 2025, to address the $1.00 minimum bid price requirement, the Company implemented a 1-for-40 reverse stock split of its issued and outstanding common stock.

To address the equity standard, in June of 2025, the Company executed a $500 million equity line of credit, and a lender recently converted $13.7 million in debt to preferred equity and purchased an additional $1.1 million of preferred stock.

Posted In: ECDA