ECD completes acquisition of Brand New Muscle Car assets for up to $1.25M in stock

ECD Automotive Design, Inc.

Acquired trademark "Brand New Muscle Car" and vehicle build assets for up to $1.25M ($950K base + $300K contingent on seller referrals).
Consideration paid in restricted stock valued at closing price five months after closing; deal closed April 24, 2024.
Adds third production line at Kissimmee, FL facility for classic American muscle cars (e.g., Ford Mustangs).
Production begins May 2024; first product expected to roll off line in August 2024.
CEO cites classic car addressable market of ~$15B; acquisition expands ECDA presence among restomod enthusiasts.

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 A&R Asset Purchase Agreement with BNMC Continuation Cars LLC and David W. Miller II valued at up to $1.25 million (effective 2024-04-24).

Action: entry
Agreement: asset purchase
Counterparty: BNMC Continuation Cars LLC and David W. Miller II
Value: up to $1.25 million
Effective: 2024-04-24

Exact text from the filing

On April 24, 2024, the Company entered into an Amended and Restated Asset Purchase Agreement (the A&R Asset Purchase Agreement") with Sellers, pursuant to which the Company agreed to purchase certain assets relating to vehicle builds, including the trademark "Brand New Muscle Car" (the "Purchased Assets") from Sellers in exchange for up to $1.25 million.

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Source: SEC EDGAR

accession 0001213900-24-037952

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