EF Hutton Acquisition Corporation I (NASDAQ: EFHT), a special purpose acquisition company formed by affiliates of EF Hutton, a division of Benchmark Investments LLC, has entered into a definitive securities purchase agreement (“SPA”) with an institutional investor. The agreement outlines the issue of a senior secured convertible note for $15,819,209 in principal. According to the announcement, the note will be issued in connection with the closing of a proposed business combination with Humble Imports Inc. d/b/a ECD Auto Design. ECD Auto is a leading manufacturer of restored and modified Land Rover Defenders. The note calls for the company to receive proceeds of more than $13 million before the payment of expenses. Terms of the note also include the accrual of interest at an annual rate equal to the prime interest rate plus 5% per annum; the interest is payable monthly in cash or in securities of the company, depending on the company’s preference, provided certain conditions are met. “We believe that the net proceeds from the SPA will provide ECD Auto with sufficient capital to achieve the next steps in growing its business organically through a combination of increased volume, higher average selling prices and a broader range of models for customers to choose from,” said EF Hutton Acquisition Corporation I chair and CEO Ben Piggott in the press release.
To view the full press release, visit https://ibn.fm/ISlXq
About EF Hutton Acquisition Corporation I
EF Hutton Acquisition Corporation I is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
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