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Envirotech Vehicles Announces Implementation of Reverse Stock Split in Preparation for Planned Uplisting to Nasdaq
OSCEOLA, AR / ACCESSWIRE / June 27, 2022 / Envirotech Vehicles, Inc. (OTCQX:EVTV), a provider of new zero-emission, purpose-built electric vehicles (the
About this update from Envirotech Vehicles, Inc.
[{"type":"text","content":"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 r...