InvestorNewsBreaks – EF Hutton Acquisition Corporation I (NASDAQ: EFHT) Enters SPA in Connection with Planned Business Combination

October 19, 2023 14:11:12

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

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.

About InvestorWire

InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.

For more information, please visit

Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published:

Los Angeles, CA
310.299.1717 Office

InvestorWire is powered by IBN