EVTN Completes 4 For 1 Forward Split

Rhea-AI Summary

Enviro Technologies U.S. (OTCQB: EVTN) announced its 4-for-1 stock split, effective January 13, 2023, increasing shares outstanding from 19.57 million to 78.27 million, with authorized common stock rising to 1 billion. The company, rebranded as Wolf Energy Services, reports that this change follows its reverse merger and aims to diversify its oilfield services offerings. The corporate name change is anticipated around January 30, 2023, pending FINRA approval. Wolf Energy Services operates through subsidiaries Pinnacle Frac Transport and Capstone Equipment Leasing, focusing on logistics and equipment financing for oilfield operations.

Positive

• Successful completion of 4-for-1 stock split increasing shares from 19.57 million to 78.27 million.
• Increase in authorized common stock to 1 billion, providing flexibility for future financing.
• Rebranding to Wolf Energy Services aims to enhance market presence and diversification in oilfield services.

Negative

• None.

KILGORE, Texas--(BUSINESS WIRE)-- Enviro Technologies U.S., Inc. (OTCQB: EVTN) (“EVTN” or the “Company”) today announced that its previously declared 4-for-1 stock split was paid on January 13, 2023 to shareholders of record as of the close of business on December 30, 2022. EVTN’s common stock will begin trading at the split-adjusted price at the market open on January 17, 2023. As a result of the split, EVTN’s current shares of common stock outstanding have increased from approximately 19,567,083 million to approximately 78,268,332 million. In addition, the Company’s authorized common stock increased to 1,000,000,000.

On September 13, 2022, Ecoark Holdings, Inc. (“Ecoark”) (NASDAQ: ZEST) announced the rebranding and renaming of EVTN, a majority-owned indirect subsidiary, to Wolf Energy Services. On September 7, 2022, EVTN filed with the State of Florida to begin conducting business as Wolf Energy Services. The Company expects to effectuate a corporate name change to “Wolf Energy Services Inc.”, subject to approval of the Financial Industry Regulatory Approval (“FINRA”) and filing of articles of amendment with the State of Florida, on or about January 30, 2023. This rebranding and renaming initiative is the completion of the Company’s first planned step, after its recently completed reverse merger, to begin developing a larger and more diversified oilfield services company.

About EVTN -- EVTN, d/b/a “Wolf Energy Services”, through its wholly owned subsidiary, Banner Midstream Corp., has two operating subsidiaries: Pinnacle Frac Transport LLC (“Pinnacle Frac”) and Capstone Equipment Leasing LLC (“Capstone”). Pinnacle Frac provides transportation of frac sand and logistics services to major hydraulic fracturing and drilling operations. Capstone procures and finances equipment to oilfield transportation service contractors.

Safe Harbor Disclosure -- This Press Release contains or incorporates by reference “forward-looking statements,” including certain information with respect to plans and strategies of EVTN. For this purpose, any statements regarding this announcement, which are not purely historical, are forward-looking statements, including EVTN beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and based on information available to EVTN as of such date. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, the risks and uncertainties set forth in our Annual Report on Form 10-K for the year ended December 31, 2021 and Form 10-Q for the quarterly period ended September 30, 2022, as filed with the Securities and Exchange Commission. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of EVTN and are difficult to predict. EVTN undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230117005244/en/

Jim Galla

jgalla@wolf-energy.com

Source: Enviro Technologies U.S., Inc.

FAQ

What was announced by Enviro Technologies U.S. on January 17, 2023?

Enviro Technologies U.S. announced the completion of a 4-for-1 stock split and its rebranding to Wolf Energy Services.

When did the 4-for-1 stock split take effect for EVTN?

The 4-for-1 stock split took effect on January 13, 2023.

What is the new share count for EVTN after the stock split?

After the stock split, the share count for EVTN increased to approximately 78.27 million.

What is the significance of the authorized common stock increase for EVTN?

The authorized common stock increased to 1 billion, providing the company with more flexibility for future financing.

What subsidiaries does Wolf Energy Services operate?

Wolf Energy Services operates through Pinnacle Frac Transport and Capstone Equipment Leasing.