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Investing.com --Envirotech Vehicles Inc (NASDAQ:EVTV)stock surged 41.3% in premarket trading Tuesday after the company announced it has entered into an amended letter of intent to acquire AZIO AI Corporation.
The potential transaction would transform Envirotech from an electric vehicle company into an artificial intelligence infrastructure platform. Under the terms outlined in the LOI, EVTV would acquire 100% of AZIO AI through a merger transaction that values the AI company at approximately $480 million.
The preliminary agreement uses a reference value of $3.00 per share of EVTV common stock, which has been approved by Envirotech’s Board of Directors pending an independent third-party valuation. AZIO AI shareholders would receive equity consideration in EVTV securities, with final details to be determined in a definitive agreement.
"This LOI reflects a disciplined and deliberate approach to advancing EVTV’s strategic evolution," said Elgin Tracy, Chief Operating Officer of EVTV. "If completed, the contemplated transaction would align EVTV with a scaled AI infrastructure platform, an experienced technology leadership team, and a governance framework designed to support long-term execution and shareholder value creation."
The letter of intent includes provisions for AZIO AI’s CEO Chris Young to become Chief Executive Officer of EVTV upon closing of the transaction. The agreement also contains customary exclusivity and no-shop provisions.
Both companies emphasized that the transaction remains subject to negotiation of a definitive agreement, completion of due diligence, regulatory approvals, and shareholder approval. There is no guarantee the deal will be finalized.
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