Overview
- Envirotech Vehicles entered an Amended and Restated letter of intent to merge with AZIO AI, under which AZIO AI would become a wholly owned subsidiary and its holders would receive EVTV equity.
- The discussed framework assumes an enterprise value of $480 million for AZIO AI and uses a $3.00 reference price for EVTV shares, with EVTV’s board approval subject to an independent third‑party valuation.
- The contemplated deal is structured as a statutory merger via a new EVTV subsidiary, and AZIO AI options and warrants would convert into EVTV equity based on terms to be finalized in a definitive agreement.
- Leadership changes are outlined with AZIO AI CEO Chris Young slated to become EVTV’s chief executive at closing, and the LOI includes no‑shop provisions that bar EVTV from soliciting alternatives during diligence.
- Closing remains contingent on a definitive agreement, due diligence, regulatory clearances, and board and shareholder approvals; EVTV shares jumped about 50% premarket after the news, while AZIO AI said it has indicative strategic investor interest tied to the $3.00‑per‑share reference, subject to final documents.