Envirotech Vehicles Inc.
Envirotech Vehicles Announces Standby Equity Purchase Agreement
Summary
On September 23, 2024, Envirotech Vehicles, Inc. entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, Ltd. The SEPA allows the Company to sell up to $25 million of its common stock to the Investor under certain conditions over a 36-month period. The agreement includes specific pricing mechanisms and volume limitations, with a cap of 19.99% of outstanding shares unless certain conditions are met. The Company issued 64,103 shares as consideration and paid a $25,000 structuring fee. The SEPA will terminate on the earlier of the 36-month anniversary or full utilization of the Commitment Amount. This agreement is exempt from registration under Section 4(a)(2) of the Securities Act of 1933.
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About Envirotech Vehicles Inc.
Envirotech Vehicles Inc. is a commercial electric vehicle company focusing on manufacturing, selling, and leasing zero-emission vehicles. These vehicles primarily serve industries such as logistics, delivery services, public transportation, and municipal services, which are increasingly transitioning to sustainable energy solutions. Envirotech Vehicles aims to address environmental and regulatory demands by providing alternatives to traditional combustion engine vehicles, offering reduced carbon footprints and lower operational costs. Key features of Envirotech’s offerings include customizable vehicle platforms, energy-efficient designs, and advanced technology integrations that ensure performance and safety. The company is significant within the market as it aligns with the growing emphasis on eco-friendly transportation solutions amid global climate change concerns. By catering to both private and public sector clients, Envirotech Vehicles supports their sustainability goals and enhances fleet efficiency, thus playing a crucial role in the broader shift towards green technology in the automotive industry.
Official SEC Documents
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