08/29/2025 | Press release | Distributed by Public on 08/29/2025 15:28
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the "Commission") on February 25, 2025, the Nasdaq Listing Qualifications Department (the "Staff") notified ECD Automotive Design, Inc. (the "Company") that the market value of its listed securities had been below the minimum $35,000,000 required for continued listing as set forth in Listing Rule 5550(b)(2) (the "Rule") for the previous 30 consecutive trading days. Therefore, in accordance with Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until August 25, 2025, to regain compliance with the Rule.
On August 26, 2025, the Company received another notice (the "MVLS Delisting Notice") from Nasdaq stating that the Company had not regained compliance with the Rule and that this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market. The Company has a hearing scheduled before the Nasdaq Hearings Panel (the "Panel") on September 9, 2025 (the "Hearing"), to appeal the Staff's prior delisting notice to the Company, concerning the fact that the bid price of the Company's listed security had closed at less than $1 per share over 30 consecutive business days, and, as a result, did not comply with Listing Rule 5550(a)(2). The Company plans to contest the MVLS Delisting Notice at the Hearing.
In the event the Company is not successful at the Hearing, the trading of the Company's common stock and warrants on The Nasdaq Stock Market shall be suspended, and a Form 25-NSE will be filed with the Commission, which will delist the Company's common stock and warrants from The Nasdaq Stock Market. In the event this happens the Company's securities will commence trading on the OTC Markets over-the-counter market.