Envirotech Vehicles Inc Stock Price, News & Analysis

Envirotech Vehicles, Inc. (NASDAQ:EVTV) announced the delivery of three electric vehicles in April 2023, two through New Jersey's Zero-Emission Incentive Program and one through California's Hybrid and Zero Emission Truck and Bus Voucher Incentive Project. The NJ ZIP program has allocated $90 million and collected $43 million in voucher applications, facilitating the acquisition of approximately 400 vehicles in 2022. In California, the HVIP program, operational since 2009, provides point-of-sale vouchers to make advanced vehicles more affordable, with voucher values ranging from $7,500 to $120,000. CEO Phillip Oldridge expressed optimism for increased vehicle placements through these programs in 2023 compared to 2022. Envirotech focuses on reducing vehicle ownership costs and supporting fleet operators in adopting green technologies.

Envirotech Vehicles, Inc. (NASDAQ:EVTV) has received a notification from the Nasdaq Stock Market regarding non-compliance with Listing Rule 5250(c)(1) due to the late submission of its Annual Report on Form 10-K for the year ended December 31, 2022.

The Company has 60 days to provide a compliance plan, and if accepted, could obtain up to 180 days to file the Form 10-K. Envirotech is actively working on filing the report and anticipates regaining compliance with Nasdaq regulations.

As a zero-emission electric vehicle provider, Envirotech focuses on serving commercial fleets and academic institutions, addressing challenges such as fuel-price volatility and environmental regulations.

Envirotech Vehicles, Inc. (NASDAQ:EVTV) announced the appointments of Douglas Campoli as Chief Financial Officer and Franklin Lim as Controller, effective April 17, 2023. Campoli, with extensive experience in finance and corporate governance, replaces interim CFO Sue Emry, who will remain as Executive Vice President. Lim brings substantial expertise in accounting operations and SEC compliance. Their leadership is expected to enhance EVTV's financial and accounting capabilities as the company scales its zero-emission vehicle offerings. Campoli previously served as CFO of Arcimoto, where he successfully led the firm through its IPO and its initial acquisition, earning recognition as CFO of the Year in 2021. Lim has over 30 years of experience and holds advanced degrees in Accounting and Business Economics.

Envirotech Vehicles, Inc. (NASDAQ:EVTV) announced a Term Sheet for a potential business combination with Maddox Defense Inc., a federal contractor. This transaction aims for Maddox to become a majority-owned subsidiary of EVTV in exchange for common stock and a promissory note totaling $11.39 million. Post-transaction, Maddox stockholders are expected to hold approximately 46% of EVTV shares. Both companies foresee enhanced operational capabilities and shared revenue from government contracts. Maddox has the right to unwind the deal if EVTV fails to meet specified capital raises. The combination is projected to strengthen EVTV's position in the sustainable transportation market.

Envirotech Vehicles, Inc. (NASDAQ:EVTV) has announced that customers purchasing its commercial electric vehicles with a gross vehicle weight rating over 14,000 pounds can now receive a tax credit of $40,000 per vehicle under the Inflation Reduction Act. This includes medium-duty logistics vans and urban trucks, with upcoming models like school buses also expected to qualify. The IRA aims to support the transition to zero-emission vehicles, with additional funding for infrastructure and worker training. Phillip Oldridge, CEO, emphasized that this move enhances vehicle affordability and positions EVTV well for future growth.

Envirotech Vehicles, Inc. (NASDAQ:EVTV) has partnered with Strategic EV Solutions, extending its reach into markets across Arkansas, Texas, Oklahoma, Tennessee, Louisiana, Mississippi, Alabama, and Florida. This collaboration aims to enhance EVTV's distribution through established networks in the mid-south. Initially, the partnership plans to acquire one vehicle type annually from EVTV, with future dealership setups planned nationwide. The CEO of EVTV emphasizes the importance of impactful market partnerships for growth, while Curtis Stout expresses excitement about showcasing EVTV's affordable electric vehicles for fleet owners.