ECD Auto Design acquires Brand New Muscle Car assets for $1.5M in stock

ECD Automotive Design, Inc.

Purchase price of $1.5M paid in restricted shares valued at closing price on 5-month anniversary of closing.
Assets include the trademark 'Brand New Muscle Car' and vehicle build assets from BNMC Continuation Cars LLC and David W. Miller II.
CEO Scott Wallace calls this ECD's first acquisition as a public company, adding a classic American muscle car production line.
ECD currently restores Land Rovers and Jaguar; expansion into classic Ford Mustangs and other American muscle cars.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ECD Automotive Design, Inc. entered into Asset Purchase Agreement with BNMC Continuation Cars LLC, an Oklahoma limited liability company and David W. Miller II valued at $1.5 million (effective 2024-04-03).

Action: entry
Agreement: asset purchase
Counterparty: BNMC Continuation Cars LLC, an Oklahoma limited liability company and David W. Miller II
Value: $1.5 million
Effective: 2024-04-03

Exact text from the filing

On April 3, 2024, ECD Automotive Design Inc., a Delaware corporation (the “Company” or “ECD”), entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with BNMC Continuation Cars LLC, an Oklahoma limited liability company and David W. Miller II (collectively the “Sellers”), pursuant to which the Company agreed to purchase certain assets relating to vehicle builds, including the trademark “Brand New Muscle Car,” from the Sellers in exchange for $1.5 million (the “Purchase Price”).

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Source: SEC EDGAR

accession 0001213900-24-030599

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