Merger and Acquisition Strategy - The company entered into a Merger Agreement with Humble Imports Inc., which will result in the company becoming a wholly-owned subsidiary of EF Hutton Acquisition Corporation I[20]. - The company aims to identify and complete an initial business combination with a business that has an enterprise value between 400millionand1 billion[35]. - The company intends to structure its initial business combination to acquire 100% of the equity interests or assets of the target business[53]. - The company aims to focus on businesses with enterprise values between 500millionand1 billion, emphasizing strong and predictable cash flow generation[47]. - The company recognizes potential conflicts of interest among its officers and directors but believes these will not materially affect its ability to complete business combinations[60]. - The company has until 9 months from the IPO closing to complete its initial business combination, with the option to extend this period up to 18 months by depositing 575,000foreachone−monthextension[79].−Thecompanyanticipatesredeeming10015,000 for liquidation[85]. Financial Performance and Projections - The management team has raised approximately 13.4billionacrossmorethan224transactionssincethefoundingofEFHuttoninMay2020[27].−TheanticipatedeconomicgrowthfortheU.S.isprojectedat2.35.2 trillion in 2021 to 6.2trillionby2025,representingaCAGRof4.5577,440, primarily from interest earned on marketable securities[150]. - As of December 31, 2022, the Company held marketable securities in the trust account valued at 117,254,670,including1,104,670 of interest income[155]. Management and Governance - The management team has extensive experience in the investment industry, including a track record of bringing public 53 SPACs totaling over 5.9billioningrossproceeds[27].−Thecompanyhasastrongleadershipteamwithextensiveexperienceininvestmentbankingandcapitalmarkets,includingover60 billion in aggregate transaction value completed by the Co-President[190]. - The board of directors consists of seven members, with a majority being independent directors, in compliance with Nasdaq corporate governance requirements[198]. - The audit committee is composed solely of independent directors, including Paul Hodge Jr., Anne Lee, and Thomas Wood, with Ms. Lee serving as chair[206]. - The compensation committee, also comprised of independent directors, is chaired by Ms. Lee and is responsible for reviewing and recommending compensation arrangements[210]. Operational Strategy - The company plans to focus on businesses with strong cash flow generation and a multi-year operating history of financial performance[35]. - The company intends to leverage its management team's industry expertise and relationships to identify high-quality merger targets[35]. - The company plans to leverage its management team's experience to add significant value to target businesses through operational strategies[45]. - The independent board of directors will play an active role in sourcing and conducting due diligence on potential targets[29]. - The company is focused on leveraging its leadership's extensive networks to identify high-quality merger targets[188]. Shareholder and Stockholder Information - Public stockholders can redeem shares for a pro rata portion of the trust account, initially set at 10.00pershare,plusanyinterestearned[69].−Apublicstockholderisrestrictedfromseekingconversionrightsfor2010.00 per unit, generating gross proceeds of 115,000,000[145].−TotalfundsplacedinthetrustaccountaftertheIPOandprivateplacementamountedto116,150,000, equating to 10.10perPublicShare[147].−TheCompanyincurredtransactioncostsof4,950,750 related to the IPO, including 4,025,000indeferredunderwritingfees[147].−Theunderwritersareentitledtodeferredunderwritingcommissionsof3.54,025,000, upon completion of a Business Combination[163].
