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Envirotech Vehicles, Inc., a Delaware-based company specializing in motor vehicle parts and accessories, has received a notification from the Nasdaq Stock Market LLC concerning non-compliance with the exchange’s minimum bid price requirement. The notice, dated March 6, 2025, states that Envirotech’s common stock, currently trading at $0.27, failed to maintain the minimum bid price of $1 over 30 consecutive business days, from January 21, 2025, to March 5, 2025. The stock has experienced significant pressure, falling 90.4% over the past year, according to InvestingPro data.
The Nasdaq Listing Rule 5550(a)(2) requires listed companies to maintain a minimum bid price of $1 per share. Envirotech has been provided with a 180-day period, until September 2, 2025, to regain compliance. During this period, the company’s stock must close at $1 or higher for at least ten consecutive business days. If Envirotech meets this requirement, Nasdaq will confirm compliance and close the matter. InvestingPro analysis suggests the stock is currently undervalued, with 18 additional key insights available to subscribers.
If the company fails to meet the Minimum Bid Price Requirement by the Compliance Date, it may be granted an additional 180 days to do so, provided it meets all other initial listing standards for the Nasdaq Capital Market, except for the Minimum Bid Price Requirement, and notifies Nasdaq of its intent to cure the deficiency.
Should Envirotech not be able to rectify the situation or if it does not meet the conditions for the additional compliance period, its common stock may be delisted. The company would then have the right to appeal the delisting decision to a Nasdaq hearings panel.
Currently, Envirotech’s common stock continues to trade on the Nasdaq Capital Market under the ticker symbol "EVTV," contingent upon the company’s adherence to other Nasdaq Capital Market continued listing requirements.
Envirotech is exploring options to regain compliance with Nasdaq’s Minimum Bid Price Requirement, but there is no certainty that it will achieve this. The information regarding Envirotech’s notice of potential delisting is based on the company’s recent SEC filing.
In other recent news, Envirotech Vehicles has secured an additional $5 million in funding through a supplemental agreement with YA II PN, Ltd. This financial move, aimed at bolstering the company’s capital, involves the issuance of convertible promissory notes with a 5% annual interest rate, maturing in March 2026. The agreement includes a first tranche of $3 million and a second tranche of $2 million, contingent upon stockholder approval. Furthermore, Envirotech Vehicles announced the resignation of its Chief Financial Officer, William C. Miller, with Jason Maddox stepping in as the Interim CFO while maintaining his role as President. This executive change follows the company’s acquisition of Maddox Industries, which was previously led by Maddox himself. In another executive update, Envirotech Vehicles appointed William C. Miller as the new CFO, effective January 1, 2025, after Franklin Lim’s resignation due to health reasons. Miller, a seasoned accountant, will receive a base salary of $150,000 and stock options as part of his compensation package. These developments highlight the company’s ongoing adjustments in its financial and leadership strategies.
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