Envirotech Vehicles, Inc., publicly traded on the NASDAQ exchange under the ticker EVTV, witnessed a sharp spike in its stock price Monday following critical developments involving its planned acquisition target, AZIO AI. The technology company, which specializes in artificial intelligence applications, recently secured a significant purchase order exceeding $100 million for advanced Nvidia B300 GPUs. This contract is a key milestone in fulfilling a substantial government contract related to a Southeast Asia initiative.
AZIO AI’s announcement detailed a binding agreement for 256 Nvidia B300 graphics processing units, underscoring the firm's capacity to manage and execute high-scale public sector technology projects. The arrangement involves a 30 percent upfront deposit expected in the coming weeks, reflecting the early commitment stage of this major transaction.
In addition to the GPU order, AZIO AI and Azio Corporation are collaboratively managing this contract execution, emphasizing the coordinated efforts required for project completion. This development signals robust operational momentum for AZIO AI as it continues to seek strategic growth within the AI infrastructure domain.
Parallel to this contract progress, Envirotech Vehicles and AZIO AI formalized an amended and restated letter of intent governing their merger plans. According to this non-binding framework, Envirotech Vehicles intends to acquire all outstanding shares of AZIO AI through a stock-for-equity transaction. The deal uses a share reference price of $3.00 for EVTV stock, resulting in an overall valuation for AZIO AI pegged at $480 million.
The merger talks have reportedly attracted a new cohort of strategic investors from diverse corporate sectors, particularly those engaged in AI data centers and supply chain ecosystems. These investors are anticipated to further support AZIO AI’s expansion and integration efforts as the companies advance toward consummating the transaction.
Following these announcements, Envirotech Vehicles’ stock price surged with extraordinary momentum. As of publication, EVTV shares had risen by approximately 227.14 percent, reaching $1.52 per share. This increase reflects heightened market interest in Envirotech Vehicles' prospects tied to the merger with AZIO AI and the execution of sizeable government contracts.
Key Points:
- Envirotech Vehicles agreed to acquire AZIO AI through an amended letter of intent valuing AZIO AI at $480 million.
- AZIO AI and Azio Corp. secured a binding purchase order for 256 Nvidia B300 GPUs totaling $107 million for a Southeast Asia government contract.
- The order includes a 30 percent deposit expected shortly, marking a significant early-stage payment for the contract.
- Environmental Vehicles’ stock surged over 227 percent on news related to the contract acquisition and merger intentions.
- The merger framework between Envirotech Vehicles and AZIO AI is non-binding and subject to further negotiation and approval processes.
- The government contract execution depends on successful fulfillment of purchase orders and project milestones, which may carry operational risks.
- Strategic investor involvement in AZIO AI, although growing, does not guarantee smooth integration or financial enhancement post-merger.