Envirotech Vehicles, Inc. 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. The proposed transaction would make AZIO AI a wholly owned subsidiary of EVTV, marking what the company describes as a potential strategic transformation toward advanced artificial intelligence infrastructure and high-performance computing. This proposed merger represents a substantial strategic shift for Envirotech Vehicles, which has previously focused on technology initiatives designed to enhance long-term shareholder value through platform transformation, operational realignment, and selective acquisitions.
The nonbinding LOI outlines 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. Under the proposed structure, AZIO AI CEO Chris Young is expected to assume the role of chief executive officer of EVTV at closing, signaling a significant leadership transition alongside the potential corporate transformation. If completed, this transaction would represent one of the more significant corporate pivots in the technology sector, moving a publicly traded company from its current focus into the competitive artificial intelligence infrastructure space. The $480 million valuation and leadership transition suggest this would be a transformative rather than incremental acquisition for Envirotech Vehicles.
The transaction remains subject to numerous conditions including completion of due diligence, regulatory approvals, board and shareholder approvals, and independent third-party valuation. The company emphasized there is no assurance that a definitive agreement will be executed or the transaction consummated, noting the LOI represents only a preliminary framework for negotiations. The company maintains its corporate information on its official website at https://evtvusa.com/.
The announcement was distributed through InvestorWire, a specialized communications platform that provides wire-grade press release syndication as part of the Dynamic Brand Portfolio. InvestorWire delivers content through multiple channels including article syndication to over 5,000 outlets and social media distribution to millions of followers. More information about their services is available at https://www.InvestorWire.com. This merger announcement represents a significant potential shift in corporate strategy that could reshape Envirotech Vehicles' market position and technological focus in the evolving artificial intelligence landscape.
