Envirotech Vehicles (NASDAQ: EVTV) announced it has entered into an amended and restated letter of intent with AZIO AI Corporation under which EVTV would acquire 100 percent of the issued and outstanding equity interests of AZIO AI through a statutory merger, subject to customary conditions and the execution of a definitive agreement. Under the proposed transaction, AZIO AI would become a wholly owned subsidiary of EVTV in what the company described as a potential strategic transformation toward advanced artificial intelligence infrastructure and high-performance computing, with AZIO AI CEO Chris Young expected to assume the role of chief executive officer of EVTV at closing. The nonbinding LOI reflects a preliminary transaction framework assuming an enterprise value of $480 million for AZIO AI and a reference value of $3.00 per share of EVTV common stock, subject to due diligence, regulatory approvals, board and shareholder approvals, and independent third-party valuation, with no assurance that a definitive agreement will be executed or the transaction consummated.
To view the full press release, visit https://ibn.fm/du6xj
ABOUT ENVIROTECH VEHICLES, INC.
Envirotech Vehicles, Inc. (NASDAQ: EVTV) is a technology-focused company pursuing strategic initiatives designed to enhance long-term shareholder value through platform transformation, operational realignment, and selective acquisitions.
More information is available on the company’s website at https://evtvusa.com/
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