What's Going On With Adomani?
Envirotech Vehicles (ADOM) today announced that its stockholders approved a 1-for-4 to 1-for-20 reverse stock split of the outstanding shares of common stock, but the exact ratio of the reverse split will ultimately be determined by the Board of Directors. Shares of the company were trading 1.12% lower to $0.2749 a share on Tuesday.
What Does This Mean For Adomani?
Although neither the exact timetable nor the exact ratio of the reverse split has been set, the Company intends to file an application to list on the NASDAQ, effecting the reverse split in order to meet NASDAQ's minimum trading price requirement.
"We want to thank our stockholders who voted for the reverse split in support of our goal to uplist to NASDAQ." said Envirotech Vehicles' CEO Phillip Oldridge. "We are excited about the prospect of uplisting and we intend to move the NASDAQ application along as expeditiously as possible."
The Company has so far exceeded this year in securing deals with transportation companies in providing fleets of electrified vehicles. One noteworthy achievement was signing a factory authorized representative agreement with Hoglund Bus, which gave the Minnesota based leader in the transportation industry the rights to promote, sell and service Envirotech products throughout the United States.
ADOMANI, Inc. provides zero-emission purpose-built electric vehicles. The company also offers zero-emission drive trains for integration in medium to heavy-duty commercial fleet vehicles
ADOM has a Short-Term Technical Rank of 39. Find out what this means to you and get the rest of the rankings on ADOM!
Envirotech Vehicles Inc designs zero-emission electric and hybrid drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles. The company also designs patented re-power conversion kits to replace conventional drivetrain systems for combustion powered vehicles with zero-emission electric or hybrid drivetrain systems. Its product range includes Cab Over Engine Trucks and Shuttle Bus Fleets.
