ECD Automotive Design announces $10M debt-for-equity exchange

ECD Automotive Design (ECDA) has exchanged $10 million of outstanding convertible promissory notes for 15,000 newly issued shares of ECD’s Series C Convertible Preferred Stock. In addition, the Company has completed a private placement of the sale of 1,111 shares of the Company’s Series C Convertible Preferred Stock in exchange for $999,900. These transactions represent significant steps toward fortifying ECD’s capital structure and advancing the Company’s plan to regain compliance with Nasdaq listing standards. The exchange materially deleverages the business and reduces cash interest expense, while the equity raise provides additional working capital to support operations and to support the expansion of the company’s retail location strategy into new high-value geographies.