Envirotech Vehicles Announces Receipt of Expected Notice from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K

Rhea-AI Summary

Envirotech Vehicles, Inc. (NASDAQ:EVTV) has received a notification from the Nasdaq Stock Market regarding non-compliance with Listing Rule 5250(c)(1) due to the late submission of its Annual Report on Form 10-K for the year ended December 31, 2022.

The Company has 60 days to provide a compliance plan, and if accepted, could obtain up to 180 days to file the Form 10-K. Envirotech is actively working on filing the report and anticipates regaining compliance with Nasdaq regulations.

As a zero-emission electric vehicle provider, Envirotech focuses on serving commercial fleets and academic institutions, addressing challenges such as fuel-price volatility and environmental regulations.

Positive

• The Company is actively working to file its Form 10-K, indicating potential for timely resolution.
• Envirotech operates in the growing zero-emission electric vehicle market, which could enhance long-term growth prospects.

Negative

• Non-compliance with Nasdaq Listing Rule may result in increased scrutiny from investors.
• Failure to file the Form 10-K on time could negatively impact investor confidence and stock price.

OSCEOLA, AR / ACCESSWIRE / April 21, 2023 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), ("EVTV" or "the Company"), announced today that it received a notification letter from the Nasdaq Stock Market, LLC stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to timely file its Annual Report on Form 10-K for the period ended December 31, 2022 ("Form 10-K").

Nasdaq's notification letter states that the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K to regain compliance.

The Company is diligently working to file its Form 10-K and expects to regain compliance with the Nasdaq Listing Rule.

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. EVTV serves commercial and last-mile fleets, school districts, public and private transportation service companies, and academic institutions to meet the increasing demand for heavy-duty electric vehicles. EVTV's 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. 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

Investor Relations
ICR, Inc.
Telephone: (646) 200-8873
Email: envirotech@icrinc.com
Sue Emry, Executive Vice President
Telephone: (870) 970-3355
Email: sue.e@evtvusa.com

SOURCE: Envirotech Vehicles, Inc

View source version on accesswire.com:
https://www.accesswire.com/750674/Envirotech-Vehicles-Announces-Receipt-of-Expected-Notice-from-Nasdaq-Related-to-Delayed-Filing-of-Annual-Report-on-Form-10-K

FAQ

What is the recent compliance issue reported by Envirotech Vehicles (EVTV)?

Envirotech Vehicles received a notification from Nasdaq for failing to timely file its Annual Report on Form 10-K.

How long does Envirotech have to regain compliance with Nasdaq?

Envirotech has 60 days to submit a plan and may be granted up to 180 days to file the Form 10-K.

What is the significance of the Form 10-K for Envirotech Vehicles?

The Form 10-K is essential for providing detailed financial information and business performance metrics to investors.

How might the compliance issue impact Envirotech Vehicles stock (EVTV)?

The compliance issue could lead to increased investor scrutiny and potentially impact stock price if not resolved.

Is Envirotech Vehicles optimistic about regaining compliance?

Yes, the Company expects to file its Form 10-K and regain compliance with Nasdaq Listing Rules.