ECD Regains Compliance with Nasdaq Continued Listing Requirement
ECD Automotive Design (Nasdaq: ECDA) has regained compliance with Nasdaq's continued listing requirements. The company, known for restoring and modifying classic automobiles, faced delisting from the Nasdaq Global Market due to failing to meet the $50 million market value of listed securities (MVLS) requirement. To address this, ECD applied to transfer its listing to the Nasdaq Capital Market, which has a lower MVLS threshold of $35 million.
After receiving a delisting notice on August 13, 2024, ECD appealed and requested a hearing. However, on September 11, 2024, Nasdaq approved ECD's application to list on the Nasdaq Capital Market. As a result, ECD's securities began trading on the Nasdaq Capital Market on September 13, 2024, and the previous delisting notice was withdrawn.
ECD Automotive Design (Nasdaq: ECDA) ha riconquistato la conformità con i requisiti di quotazione continuativa del Nasdaq. L'azienda, nota per il restauro e la modifica di automobili classiche, ha affrontato il rischio di delisting dal Nasdaq Global Market a causa del mancato rispetto del requisito di valore di mercato delle valute quotate (MVLS) di 50 milioni di dollari. Per affrontare questa situazione, ECD ha richiesto di trasferire la sua quotazione al Nasdaq Capital Market, che ha una soglia MVLS inferiore di 35 milioni di dollari.
Dopo aver ricevuto un avviso di delisting il 13 agosto 2024, ECD ha presentato ricorso e ha richiesto un'udienza. Tuttavia, l'11 settembre 2024, il Nasdaq ha approvato la richiesta di ECD di quotarsi al Nasdaq Capital Market. Di conseguenza, i titoli di ECD hanno iniziato a essere scambiati nel Nasdaq Capital Market il 13 settembre 2024, e l'avviso di delisting precedente è stato ritirato.
ECD Automotive Design (Nasdaq: ECDA) ha recuperado el cumplimiento de los requisitos de cotización continua de Nasdaq. La empresa, conocida por restaurar y modificar automóviles clásicos, se enfrentó a la posibilidad de ser excluida del Nasdaq Global Market por no cumplir con el requisito de valor de mercado de valores listados (MVLS) de 50 millones de dólares. Para abordar esto, ECD solicitó transferir su cotización al Nasdaq Capital Market, que tiene un umbral de MVLS más bajo de 35 millones de dólares.
Después de recibir un aviso de exclusión el 13 de agosto de 2024, ECD apeló y solicitó una audiencia. Sin embargo, el 11 de septiembre de 2024, Nasdaq aprobó la solicitud de ECD para cotizar en el Nasdaq Capital Market. Como resultado, los valores de ECD comenzaron a negociarse en el Nasdaq Capital Market el 13 de septiembre de 2024, y el aviso de exclusión previo fue retirado.
ECD 자동차 디자인 (Nasdaq: ECDA)가 Nasdaq의 지속적인 상장 요건을 준수하게 되었습니다. 클래식 자동차를 복원하고 수정하는 것으로 잘 알려진 이 회사는 상장된 증권의 시장 가치 요건(MVLS)인 5천만 달러를 충족하지 못해 Nasdaq Global Market에서 퇴출될 위기에 처했습니다. 이를 해결하기 위해 ECD는 MVLS 기준이 3,500만 달러로 더 낮은 Nasdaq Capital Market로의 이전 상장을申请했습니다.
2024년 8월 13일에 퇴출 통지를 받은 후, ECD는 항소를 하고 청문회를 요청했습니다. 그러나 2024년 9월 11일, Nasdaq는 ECD의 Nasdaq Capital Market에 상장하겠다는 신청을 승인했습니다. 그 결과, ECD의 증권은 2024년 9월 13일부터 Nasdaq Capital Market에서 거래되기 시작했으며, 이전의 퇴출 통지는 철회되었습니다.
ECD Automotive Design (Nasdaq: ECDA) a retrouvé sa conformité avec les exigences de listing continu de Nasdaq. L'entreprise, connue pour la restauration et la modification de voitures classiques, a été confrontée à un risque de radiation du Nasdaq Global Market en raison du non-respect de l'exigence de valeur marchande de 50 millions de dollars pour les titres listés (MVLS). Pour y remédier, ECD a demandé à transférer sa cotation vers le Nasdaq Capital Market, qui a un seuil MVLS plus bas de 35 millions de dollars.
Après avoir reçu un avis de radiation le 13 août 2024, ECD a interjeté appel et demandé une audience. Cependant, le 11 septembre 2024, le Nasdaq a approuvé la demande d'ECD pour être listé sur le Nasdaq Capital Market. En conséquence, les titres d'ECD ont commencé à être négociés sur le Nasdaq Capital Market le 13 septembre 2024, et l'avis de radiation précédent a été retiré.
ECD Automotive Design (Nasdaq: ECDA) hat die Einhaltung der fortlaufenden Listungsanforderungen von Nasdaq wiederhergestellt. Das Unternehmen, das für die Restauration und Modifikation klassischer Automobile bekannt ist, sah sich mit einem delisting vom Nasdaq Global Market konfrontiert, da es die Marktwertanforderung von 50 Millionen Dollar für gelistete Wertpapiere (MVLS) nicht erfüllte. Um dies zu adressieren, beantragte ECD die Übertragung seiner Listung auf den Nasdaq Capital Market, der eine niedrigere MVLS-Schwelle von 35 Millionen Dollar hat.
Nachdem ECD am 13. August 2024 eine Delisting-Mitteilung erhalten hatte, legte das Unternehmen Berufung ein und beantragte eine Anhörung. Am 11. September 2024 genehmigte Nasdaq jedoch den Antrag von ECD auf Listung im Nasdaq Capital Market. Infolgedessen begannen die Wertpapiere von ECD am 13. September 2024 im Nasdaq Capital Market zu handeln, und die vorherige Delisting-Mitteilung wurde zurückgezogen.
- Regained compliance with Nasdaq listing requirements
- Successfully transferred listing to Nasdaq Capital Market
- Avoided delisting from Nasdaq
- Maintained public trading status
- Failed to meet $50 million MVLS requirement for Nasdaq Global Market
- Downgraded from Nasdaq Global Market to Nasdaq Capital Market
Insights
ECD's transfer from the Nasdaq Global Market to the Nasdaq Capital Market is a strategic move to maintain its listing status. This shift, while preserving market presence, indicates financial challenges as the company couldn't meet the higher $50 million market value requirement. The lower $35 million threshold of the Capital Market provides a temporary reprieve, but investors should be cautious. This downgrade might impact investor perception and potentially limit access to capital. However, it also gives ECD breathing room to improve its financial position. The company's ability to navigate this transition and potentially return to the Global Market will be important for long-term investor confidence.
ECD's listing transfer reflects broader market dynamics in the specialty automotive sector. The company's focus on restored, modified and electrified classic vehicles aligns with growing consumer interest in sustainable luxury and nostalgia. However, the market value decline suggests potential challenges in scaling this niche business model. Investors should monitor how ECD balances its unique offering with profitability and growth. The Capital Market listing might actually enhance visibility among small-cap investors interested in innovative automotive plays. Key metrics to watch include order backlog, production capacity and margin trends to gauge ECD's ability to capitalize on its market positioning despite the listing change.
ECD's compliance journey highlights the complex regulatory landscape for public companies. The company's proactive approach in transferring listings demonstrates effective corporate governance in addressing compliance issues. This move averts an immediate delisting scenario, which could have had severe consequences for shareholder value. However, investors should note that continued compliance isn't guaranteed. The Capital Market has its own set of requirements, including maintaining a minimum bid price and meeting corporate governance standards. ECD's management will need to focus on sustainable growth strategies to ensure long-term compliance and potentially return to the Global Market. This situation underscores the importance of regulatory due diligence in investment decisions.
KISSIMMEE, Fla., Sept. 16, 2024 (GLOBE NEWSWIRE) -- ECD Automotive Design, Inc. (Nasdaq:ECDA) (“ECD” or the “Company”), an industry leader in delivering restored, modified and electrified Land Rover Defenders, Jaguars, and other classic and collectible automobiles announced today that it received a letter from The Nasdaq Stock Market ("Nasdaq") stating that Nasdaq has approved ECD’s application to list its shares of common stock for trading on the Nasdaq Capital Market effective September 13, 2024.
As previously disclosed on February 14, 2024, ECD received a notice from Nasdaq stating that ECD’s listed securities failed to comply with the
On August 13, 2024, ECD received a delisting notice from Nasdaq stating that ECD had not regained compliance with the Rule. ECD requested an appeal of the delisting determination before the Nasdaq Hearings Panel (the “Panel”) which stayed any suspension or delisting of ECD’s securities pending the hearing before the Panel that was scheduled for September 26, 2024. On September 11, 2024, ECD received a notice that Nasdaq approved ECD’s application to list its securities on The Nasdaq Capital Market. Accordingly, at the opening of business on September 13, 2024, ECD securities commenced trading on The Nasdaq Capital Market and the August 13, 2024 delisting notice is withdrawn as moot.
About ECD Auto Design
ECD, a public company trading under ECDA on the Nasdaq, is a creator of restored luxury vehicles that combines classic English beauty with modern performance. Currently, ECD restores Land Rovers Defenders, Land Rover Series IIA, the Range Rover Classic, the Jaguar E-Type and we have recently added the Ford Mustang. Each vehicle produced by ECD is fully bespoke, a one-off that is designed by the client through an immersive luxury design experience and hand-built from the ground up in 2,200 hours by master-certified Automotive Service Excellence ("ASE") craftsmen. The company was founded in 2013 by three British "gear heads' whose passion for classic vehicles is the driving force behind exceptionally high standards for quality, custom luxury vehicles. ECD's global headquarters, known as the "Rover Dome," is a 100,000-square-foot facility located in Kissimmee, Florida that is home to 90 talented craftsmen and technicians, who hold a combined 61 ASE and five master level certifications. ECD has an affiliated logistics center in the U.K. where its seven employees work to source and transport 25-year-old work vehicles back to the U.S. for restoration. For more information, visit www.ecdautodesign.com.
Investor Contact:
Brian M. Prenoveau, CFA
MZ Group – MZ North America
ECDA@mzgroup.us
+561 489 5315
SOURCE: ECD Automotive Design, Inc.
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