New York, Jan 12, 2026, 19:21 EST — After-hours
- Envirotech Vehicles shares surged 442% by the close and climbed even higher in after-hours trading.
- AZIO AI announced it secured a binding order linked to a Southeast Asian government initiative, valued at roughly $107 million.
- Investors await a clear merger deal and the shareholder meeting set for Jan. 20 at Envirotech.
Shares of Envirotech Vehicles, Inc. (EVTV) surged 442% on Monday, closing at $2.51, and climbed another 21% in after-hours trading. The rally followed a merger partner’s announcement of a significant Nvidia chip order. Volume soared to 756 million shares, per market data. 1
This move counts because the order stands as a key piece of AZIO AI’s pitch — and Envirotech’s stock is the public face linked to it. With a micro-cap profile, even slight changes in outlook can send the shares sharply in either direction.
This highlights the disconnect between headlines and actual contracts. Envirotech’s deal remains at the letter-of-intent phase, with investors betting on promises from a private partner rather than a finalized merger agreement.
AZIO AI announced Monday it secured a binding order for 256 Nvidia B300 GPUs — the AI server graphics units — linked to a Southeast Asian government project. The deal is expected to generate around $107 million in revenue. The company said it anticipates a 30% deposit “over the course of the next few weeks.” It also highlighted further regional projects that could add up to $200 million in revenue, pending final agreements and execution. 2
“Delivering roughly $100 million in contractual revenue from a complex regional program showcases our capability to roll out secure, mission-critical AI infrastructure on a large scale,” said Chris Young, AZIO AI’s co-chief executive officer, in the release.
Envirotech, known for its electric commercial vehicles, is repositioning itself toward AI infrastructure. On Jan. 6, the company announced it had signed an amended and restated letter of intent to acquire AZIO AI. The deal values AZIO at $480 million and sets a $3.00 reference price per EVTV share, pending an independent valuation. 3
A letter of intent is usually non-binding, Envirotech noted, stressing that the proposed deal still needs a definitive agreement, due diligence, regulatory approvals, plus sign-off from both boards and shareholders. The company also confirmed Young would take over as chief executive if the transaction goes through.
“This LOI reflects a disciplined and deliberate approach to advancing EVTV’s strategic evolution,” Envirotech’s chief operating officer, Elgin Tracy, said in the Jan. 6 release.
Monday’s trading resembled more of a momentum squeeze than a shift based on fundamentals. Shares zoomed from around $1.01 up to $2.62 in a single session, with volume dwarfing the roughly 4.8 million shares outstanding.
The order falls beyond Envirotech’s existing operations. AZIO defined its focus as AI infrastructure and high-performance computing, with the revealed demand targeting Nvidia chips intended for government and institutional use.
The downside is clear. The merger framework isn’t a binding contract, AZIO’s regional “pipeline” doesn’t guarantee booked revenue, and the expected deposit remains hypothetical. Envirotech’s own disclosure stresses there’s no certainty a definitive agreement will be signed or that the deal will close.
Investors are keeping an eye on whether EVTV submits any new filings with U.S. regulators, as the story moves beyond press releases into formal disclosures. For small, thinly followed stocks, that shift can cause sharp moves in either direction.
Envirotech has rescheduled its annual shareholder meeting for Jan. 20 after the initial session was adjourned due to a lack of quorum. The company is pressing shareholders who haven’t voted yet to submit their ballots by Jan. 19 at 11:59 p.m. Eastern. 4
