Humble Imports, Inc. signed a non-binding letter of intent to acquire EF Hutton Acquisition Corporation I (NasdaqGM:EFHT) from a group of shareholders for approximately $230 million in a reverse merger transaction on October 27, 2022. Humble Imports, Inc. entered into a definitive merger agreement to acquire EF Hutton Acquisition Corporation I (NasdaqGM:EFHT) from a group of shareholders for approximately $230 million in a reverse merger transaction on March 3, 2023. As consideration for the business combination, the shareholders of E.C.D. shall receive 21,000,000 shares of common stock of EFHT valued at $10 per share and a cash payment of $15,000,000. The transaction reflects an initial value for E.C.D. of $225 million. Upon completion of the transaction, E.C.D. will be a wholly owned subsidiary of EFHT, EFHT 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 Stock Market. The transaction will require the approval of the stockholders of both E.C.D. and EFHT, the Form S-4 filed by the Registrant relating to the Merger Agreement and the Merger will have been declared effective, Closing Cash shall equal or exceed $65,000,000, initial listing application with Nasdaq in connection with the transactions contemplated by this Agreement shall have been conditionally approved, not more than 5% of the issued and outstanding shares of Humble Imports capital stock shall constitute Dissenting Shares, Humble Imports shall have delivered to EF the financial statements required to be included in the EF SEC Documents and the 2022 Audited Financial Statements prior to March 31, 2023, and subject to other customary closing conditions, including the receipt of certain regulatory approvals. The boards of directors of E.C.D. has approved the transaction. The Board of EFHT has unanimously approved the merger agreement and resolved to recommend approval of the agreement and related matters by the stockholders of the company. The special meeting of EFHT stockholders will be held on June 1, 2023. On October 14, 2023, Humble and EF Hutton entered into the first amendment to the merger agreement. As part of the amendment, removed the minimum cash closing condition contained in the Merger Agreement and replaced it with a condition to closing the Business Combination that EF Hutton close the senior secured convertible note in the principal amount of $15,819,209. The transaction is expected to close in the third quarter of 2023. As of December 7, 2023, the transaction has been approved by the shareholders of EF Hutton.

EF Hutton, division of Benchmark Investments, LLC is serving as Capital Markets Advisor to EFHT. Mitchell Nussbaum of Loeb & Loeb, LLP is serving as legal counsel to EFHT. Julia D. Dennis of Shuffield, Lowman & Wilson, P.A. acted as legal advisor to Humble Imports. Advantage Proxy acted as proxy solicitor and Mark Zimkind of Continental Stock Transfer & Trust Company acted as transfer agent to EFHT. EF Hutton, division of Benchmark Investments, LLC acted as financial advisor to EFHT. Hogan & Lovells acted as legal advisor to EF Hutton, division of Benchmark Investments, LLC. EFHAC has agreed to pay Advantage Proxy a fee of $12,500, plus disbursements. PAG.Law PLLC acted as legal advisor to Humble Imports, Inc.

Humble Imports, Inc. completed the acquisition of EF Hutton Acquisition Corporation I (NasdaqGM:EFHT) from a group of shareholders in a reverse merger transaction on December 12, 2023.