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. The proposed transaction would make AZIO AI 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. AZIO AI CEO Chris Young is expected to assume the role of chief executive officer of EVTV at closing, signaling a significant leadership transition tied to the strategic shift.
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. The transaction remains subject to customary conditions including due diligence, regulatory approvals, board and shareholder approvals, and independent third-party valuation. There is no assurance that a definitive agreement will be executed or the transaction consummated, as noted in the announcement. The company emphasized that this represents a preliminary framework rather than a finalized deal.
This potential acquisition represents a notable strategic pivot for Envirotech Vehicles, which has historically focused on technology initiatives related to platform transformation and operational realignment. The move toward artificial intelligence infrastructure and high-performance computing suggests a broader repositioning of the company's business model and market focus. More information about the company's background is available on its website at https://evtvusa.com/.
The announcement was distributed through specialized financial communications channels, highlighting the transaction's significance to investors and the broader market. The full press release containing additional details about the proposed merger can be accessed at https://ibn.fm/8UqvN. Such transactions typically undergo extensive review processes before finalization, with market participants closely monitoring developments in the evolving AI infrastructure sector where strategic combinations are becoming increasingly common as companies seek to position themselves in competitive technology markets.
