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ADOMANI® JUMPS 17% ON MERGER WITH ENVIROTECH DRIVE SYSTEMS
- ADOMANI (OTCQB:ADOM +16.7%) executes merger with Envirotech Drive Systems.
- The company previously announced in December 2020 that it had entered into a non-binding letter of intent with EVT.
- Merger transaction expected to close in Q1, after which the stockholders of EVT will hold approximately 56% of the total outstanding shares of ADOMANI.
- As a condition to the closing of the merger, EVT’s total assets will include at least $5M of cash.
- “This is a seminal event for ADOMANI. We have been working diligently to get our purpose-built all-electric vehicles on the road and in service quickly. This is a pivotal time for ADOMANI and our stockholders as we leverage EVT’s extensive experience in the EV industry to provide what we believe will be market leading quality, pricing, and margins. Completing the merger and the previously announced committed PIPE financing will permit us to execute on enhancing further the value we believe we are creating for shareholders, both organically and through other attractive opportunities we are seeing in the marketplace.” said Phillip Oldridge, CEO
Investor Relations Contacts:
ADOMANI, Inc.
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 205
Email: mike.m@ADOMANIelectric.com
SOURCE: ADOMANI, Inc.
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