OSCEOLA, AR / ACCESSWIRE / June 27, 2022 / Envirotech Vehicles, Inc. (OTCQX:EVTV), a provider of new zero-emission, purpose-built electric vehicles (the "Company"), today announced that it has implemented a reverse split of its outstanding shares of common stock at a ratio of 1-for-20 in preparation for its previously announced planned listing of the Company's securities on the Nasdaq Capital Market ("Nasdaq").
The Company has filed an application to list its common stock on Nasdaq and believes it satisfies the financial and liquidity requirements for listing. The reverse stock split is intended to enable the Company to meet the stock price requirement for initial listing on Nasdaq.
Phillip Oldridge, CEO of Envirotech Vehicles, commented, "We believe the implementation of this reverse stock split will position Envirotech for uplisting to Nasdaq, providing us greater visibility among investor audiences and additional flexibility to execute our strategic and operational plans. Our Company has demonstrated tremendous progress and is driving strong momentum in the business, capitalizing on the growing marketplace demand for our Class 3 to Class 5 electric trucks and vans as businesses embrace the move to green transportation. In February we announced the transformative purchase of a manufacturing facility in Osceola, AR, establishing our first U.S.-based, manufacturing site. We're currently using the plant for the final outfitting of imported vehicles, as we simultaneously convert into a full manufacturing operation given our recent robust order and delivery activity, with 100 trucks and 200 vans in production. Our U.S. based manufacturing capabilities will be game changing as we continue to pursue opportunities to capture market share. This is an exciting time for our Company and we remain focused on building the business and driving enhanced value for our shareholders."
As a result of the reverse stock split, each 20 shares of the Company's outstanding common stock will be automatically combined and converted into one outstanding share of common stock. No fractional shares will be issued in connection with the stock split. There will be no dilutive impact on the Company's shareholders and each shareholder will hold the same percentage of common stock outstanding immediately following the reverse stock split. Additionally, the reverse stock split will have no effect on authorized common shares outstanding, on par value or voting and other rights that accompany shares of the common stock.
Shares of the Company's common stock will be assigned a new CUSIP number 29414V209 and will begin trading on a split-adjusted basis today. The Company's common stock will trade under a new and temporary ticker symbol "EVTVD" for a period of 20 business days including the effective date of the Reverse Stock Split.
The Company previously disclosed on August 10, 2021, that shareholders approved an amendment to the Company's Amended and Restated Certificate of Incorporation to implement a reverse stock split of the outstanding shares of common stock.
About Envirotech Vehicles
Envirotech Vehicles, Inc. is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve commercial and last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for heavy-duty electric vehicles. Our vehicles address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit https://evtvusa.com/investor-relations/.
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by Envirotech Vehicles, Inc. with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expected," "believes," "strategy," "opportunity," "anticipated," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Envirotech Vehicles undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
IMS Investor Relations
John Nesbett/Jennifer Belodeau
Susan Emry, Executive Vice President
Telephone: (870) 970-3355 ext. 1001
SOURCE: Envirotech Vehicles, Inc.
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