Envirotech Vehicles Inc SEC Filings

Envirotech Vehicles, Inc. (EVTV) is asking stockholders to vote at its virtual 2025 Annual Meeting on December 30, 2025. Holders of the 4,829,515 outstanding common shares as of November 13, 2025 can participate online.

Stockholders will vote to elect Class II director Jason Maddox, ratify Barton CPA, PLLC as independent auditor for 2025, and approve on an advisory basis the 2024 compensation of named executive officers. They are also asked to approve an amendment to the 2017 Equity Incentive Plan to add 890,000 shares to the share pool, extend the plan term to 10 years from stockholder approval, and extend the annual “evergreen” share increase feature through 2035. As of November 13, 2025, 697,250 options were outstanding and 231,741 shares remained available for issuance under the plan.

Envirotech Vehicles, Inc. reported that board member Melissa Barcellos has notified the company she will not stand for re-election as a Class II director at the 2025 Annual Meeting of Stockholders. She has served on the Board since March 2021, including roles on the Audit and Compensation Committees and as chair of the Nominating and Corporate Governance Committee. The company states that her decision is not based on any disagreement with Envirotech Vehicles, and she will continue to serve as a director until the end of her current term at the Annual Meeting.

Envirotech Vehicles (EVTV) filed a Form 12b-25, notifying a late filing of its Form 10-Q for the quarter ended September 30, 2025. The company cites the need for additional time to complete its final review of financial statements and disclosures and expects to file within the five-day extension provided under Rule 12b-25.

The company also anticipates a significant change in net loss versus the prior-year period, driven by a non-cash impairment linked to its stock price decline, a non-cash impairment of intangible assets, and changes in inventory and the receivables reserve. It did not provide reasonable estimates as the financial statement preparation and review are still in process.

Envirotech Vehicles (EVTV) amended its Maddox Industries acquisition terms. The company extended the earnout period tied to the October 2024 purchase of Maddox Industries, moving the end date to June 17, 2026. Earnout payments remain calculated monthly based on gross revenue received in respect of Closing Receivables, with an aggregate cap of $1 million.

Any earnout during the extended window follows the original agreement’s terms. Jason Maddox, the seller and former CEO of Maddox Industries, is a current director and Interim CFO of EVTV and CEO of Maddox Defense. Maddox Industries has a Manufacturing Agreement dated September 9, 2024 with Maddox Defense for medical gowns, and EVTV subleases a Houston facility from Maddox Defense for medical supplies operations.

Envirotech Vehicles, Inc. reported interim results reflecting a business pivot into medical supplies and drones and a 1-for-10 reverse stock split that retroactively adjusted per-share data. For the three months ended June 30, 2025, the company recognized net revenue of ($25,237) from electric vehicle deliveries after customer credits and $1,072,266 from medical supplies (one related party accounted for 100% of medical supplies revenue). The company recorded out-of-period adjustments totaling $526,535 to correct prior-period sales and R&D expense. Trade receivables totaled $846,982 with an allowance of $406,690. Finished goods inventory netted $4,855,679 after a $1,184,731 valuation allowance. The company has convertible promissory notes, recent conversions into common stock, and access to an investor purchase agreement of up to $25 million.

Envirotech Vehicles, Inc. appointed Jason Maddox as a Class II director effective August 6, 2025; he will serve until the 2025 annual meeting and was not assigned to any board committees. Mr. Maddox already serves as the company’s President and Interim Chief Financial Officer and previously led Maddox Defense and Maddox Industries.

The filing discloses the Company’s December 18, 2024 acquisition of Maddox Industries for 3,100,000 shares (approximately $4.3 million based on the closing price at closing) plus an earnout of up to $1 million, of which no payments were earned. It also reports related-party commercial activity: approximately $705,341 received from Maddox Defense and about $483,388 reimbursed to Maddox Defense through August 11, 2025. Mr. Maddox will receive no additional compensation for serving as a director.