Envirotech Vehicles, Inc. (NASDAQ: EVTV) and AZIO AI Corp. (AZIO AI) enter into a definitive merger agreement to combine EVTV with AZIO AI. Under the terms described by both outlets, the transaction is structured around EVTV issuing 100 million shares as consideration, reflecting an overall valuation of $750 million, which is presented as supported by an independent third-party fairness opinion.
Both reports characterize the deal as part of EVTV’s strategic transformation. The companies state the combined platform is intended to focus on U.S.-based AI infrastructure, compute, and an energy-backed data center concept. The PR Newswire item adds that the merger follows prior progress since an earlier letter of intent valued at $480 million, including about six months of operational collaboration, customer deposits, and initial hardware deliveries.
The sources describe the merger as a definitive agreement rather than a non-binding plan, and they frame the share issuance as the primary transaction mechanism. No additional regulatory or closing conditions are detailed in the provided excerpts.
