Envirotech Vehicles Obtains Stockholder Approval for Reverse Stock Split in Support of Goal to Uplist to NASDAQ

Rhea-AI Summary

Envirotech Vehicles, Inc. (OTCQB:ADOM) announced that its stockholders approved a reverse stock split, with a ratio between 1-for-4 and 1-for-20, to meet NASDAQ's minimum trading price requirements. The decision was made during the annual meeting on August 3, 2021, with an 85.8% majority in favor. Although the company plans to apply for NASDAQ listing, approval is not guaranteed. CEO Phillip Oldridge expressed gratitude to stockholders and enthusiasm for the uplisting process.

Positive

• 85.8% stockholder approval for reverse stock split to meet NASDAQ listing requirements.
• Strengthened prospect of uplisting to NASDAQ, which may enhance stock visibility and marketability.

Negative

• No guarantee that the NASDAQ application will be approved.
• Reverse stock split may dilute existing shareholder value depending on the final ratio.

CORONA, CA / ACCESSWIRE / August 10, 2021 / Envirotech Vehicles, Inc. (OTCQB:ADOM), a provider of new zero-emission, purpose-built electric vehicles (the "Company"), announced today that at its annual stockholders' meeting held on August 3, 2021 the stockholders approved by an 85.8% to 14.2% margin 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, within a range from 1-for-4 to 1-for-20, with the exact ratio of the reverse split to be determined by the Board of Directors. No timetable or the exact ratio of a reverse split has been determined at this date.

The Company expects to file an application to list its common stock on NASDAQ and would effect the reverse split in order to meet NASDAQ's minimum trading price requirement. There is no guarantee that the Company's application for listing with NASDAQ will be approved.

"We want to thank our stockholders who voted for the reverse split in support of our goal to uplist to NASDAQ." commented Envirotech Vehicles' CEO Phillip Oldridge. " We are excited about the prospect of uplisting and we intend to move the NASDAQ application along as expeditiously as possible."

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 www.EVTVUSA.com.

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. (formerly ADOMANI, 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.

Contact Information
IMS Investor Relations
John Nesbett/Jennifer Belodeau
Telephone: 203.972.9200
Email: jnesbett@imsinvestorrelations.com

Envirotech Vehicles
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 1205
Email: mike.m@evtvusa.com

SOURCE: Envirotech Vehicles, Inc.

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FAQ

What was approved at Envirotech Vehicles' stockholders' meeting on August 3, 2021?

Stockholders approved a reverse stock split to meet NASDAQ's minimum trading price requirements.

What is the purpose of the reverse stock split for ADOM?

The reverse stock split aims to facilitate a listing on NASDAQ.

What was the margin of approval for the reverse stock split by ADOM stockholders?

The reverse stock split was approved by 85.8% of stockholders.

What is the range for the reverse stock split ratio for ADOM?

The reverse stock split will be within a range from 1-for-4 to 1-for-20.

Is there any guarantee for ADOM's NASDAQ listing application approval?

No, there is no guarantee that the application for NASDAQ listing will be approved.