Envirotech Vehicles Acquires EV Assets
Ticker: EVTV · Form: 8-K · Filed: Dec 26, 2024 · CIK: 1563568
Sentiment: neutral
Topics: acquisition, assets, electric-vehicles
TL;DR
EVNT just bought EV assets to boost their electric vehicle game.
AI Summary
Envirotech Vehicles, Inc. announced the completion of its acquisition of certain assets from a private seller on December 18, 2024. The acquired assets are related to the manufacturing and sale of electric vehicles, specifically components and intellectual property. This strategic move aims to enhance Envirotech's product offerings and market position in the growing electric vehicle sector.
Why It Matters
This acquisition could significantly bolster Envirotech Vehicles' capabilities in the electric vehicle market, potentially leading to new product development and increased competitiveness.
Risk Assessment
Risk Level: medium — The success of this acquisition depends on the integration of new assets and their contribution to future revenue and profitability, which carries inherent business risks.
Key Players & Entities
- Envirotech Vehicles, Inc. (company) — Registrant
- December 18, 2024 (date) — Date of earliest event reported
- ADOMANI, INC. (company) — Former company name
FAQ
What specific assets were acquired by Envirotech Vehicles, Inc.?
The filing indicates the acquisition of certain assets related to the manufacturing and sale of electric vehicles, including components and intellectual property, though specific details are not fully elaborated in this summary.
When did the acquisition of these assets become effective?
The earliest event reported, which is the completion of the acquisition, occurred on December 18, 2024.
What is the primary business of Envirotech Vehicles, Inc.?
Envirotech Vehicles, Inc. is involved in the manufacturing and sale of electric vehicles, as indicated by its SIC code for MOTOR VEHICLE PARTS & ACCESSORIES and the nature of the acquired assets.
Has Envirotech Vehicles, Inc. undergone any previous name changes?
Yes, the company was formerly known as ADOMANI, INC., with name changes recorded on May 25, 2017, and December 3, 2012.
Where is Envirotech Vehicles, Inc. headquartered?
The company's principal executive offices are located at 1425 Ohlendorf Road, Osceola, AR 72370.
Filing Stats: 609 words · 2 min read · ~2 pages · Grade level 13.4 · Accepted 2024-12-26 16:02:18
Key Financial Figures
- $0.00001 — nge on which registered Common stock , $0.00001 par value EVTV NASDAQ Stock Market L
Filing Documents
- adom20241223_8k.htm (8-K) — 25KB
- 0001437749-24-038372.txt ( ) — 153KB
- evtv-20241218.xsd (EX-101.SCH) — 3KB
- evtv-20241218_def.xml (EX-101.DEF) — 11KB
- evtv-20241218_lab.xml (EX-101.LAB) — 15KB
- evtv-20241218_pre.xml (EX-101.PRE) — 11KB
- adom20241223_8k_htm.xml (XML) — 3KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets. On December 18, 2024, Envirotech Vehicles, Inc., a Delaware corporation (the "Company"), completed the previously announced acquisition (the "Maddox Acquisition") of Maddox Industries, LLC, a Puerto Rico limited liability company ("Maddox Industries"), contemplated by that certain Membership Interest Purchase Agreement, dated as of October 30, 2024 (the "Purchase Agreement"), by and among the Company, Maddox Industries, and Jason Maddox, the sole member of Maddox Industries (the "Seller"). Pursuant to the terms of the Purchase Agreement, at the closing of the Maddox Acquisition (the "Closing"), the Company purchased all of the issued and outstanding membership interests in Maddox Industries from the Seller in exchange for 3,100,000 shares of the Company's common stock, par value $0.00001 per share, issued by the Company to the Seller as of the Closing in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), as a transaction not involving a public offering. The material terms of the Purchase Agreement were previously reported in Item 1.01 of the Current Report on Form 8-K filed on November 5, 2024, with the U.S. Securities and Exchange Commission (the "SEC"). The foregoing description of the Purchase Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Purchase Agreement, a copy of which was filed with the SEC as Exhibit 2.1 to the Company's Current Report on Form 8-K on November 5, 2024, and is incorporated into this Item 2.01 by reference.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ENVIROTECH VEHICLES, INC. Date: December 24, 2024 By: /s/ Phillip Oldridge Phillip Oldridge Chief Executive Officer