Summary by Moomoo AI
ECD Automotive Design, Inc. (ECD), known for its custom luxury vehicle builds, has completed a series of financial transactions to support its growth initiatives. On August 8, 2024, ECD entered into a securities subscription agreement with investor Theodore Duncan, issuing 1,000,000 shares of common stock and a warrant to purchase 100,000 shares at $0.01 per share for $1,000,000. Additionally, ECD secured $2 million in funding from existing stakeholders to accelerate growth in its Ford Mustang and Toyota FJ product lines and to secure high-value-added licenses. This funding is part of ECD's strategy to expand its 'Build-To-Sell' model and to open its first retail location in 2025. The company also reported events of default under a senior secured convertible note and preferred stock held...Show More
