EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design.
At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present.
In connection with the meeting, the company’s stockholders holding 3,470,945 shares, out of a total of 3,492,647 shares of common stock held by stockholders, submitted requests to redeem their shares. As a result of the redemption requests there currently are approximately 21,702 shares of common stock held by public stockholders.
Based upon the amount in the trust as of November 30, which was $38,239,170, the company estimates that the per-share redemption price will be approximately $10.75.
However, EF Hutton I will be accepting requests to withdraw their previously submitted redemption requests until 12:00 p.m. ET on December 8.
The parties have not yet disclosed a timeline for closing. But upon completion, E.C.D. will change its name to “E.C.D. Automotive Design Inc.” and the combined company’s common stock is expected to be listed on the Nasdaq.
EF Hutton I inked its $225 million deal with E.C.D. Auto Design in March. Kissimmee, Florida-based E.C.D. Auto Design is the industry leader in delivering restored and modified Land Rover Defenders.
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