NEW YORK, Jan 13, 2026, 13:06 EST — Regular session
- Shares of Envirotech Vehicles climbed roughly 84% by midday, following Monday’s massive 442% surge.
- Proposed merger partner AZIO AI pointed to a binding government GPU order valued at roughly $107 million.
- Deal paperwork is expected soon, with a shareholder meeting set for Jan. 20.
Envirotech Vehicles, Inc (EVTV.O) saw its shares surge roughly 84% to $4.61 on Tuesday, pushing a two-day rally that has made the small U.S.-listed stock a momentum play. During the session, shares fluctuated from $2.62 up to $4.75.
The significance lies in EVTV’s modest market cap—around $22 million—being linked to a far bigger revenue number. That discrepancy alone can draw quick capital, despite sparse details and delayed timelines.
AZIO AI, the company Envirotech Vehicles is looking to acquire, announced Monday it secured a binding purchase order for 256 Nvidia B300 GPUs — chips designed for demanding AI workloads — linked to a Southeast Asian government project. The deal is valued at roughly $107 million in “contractual revenue,” with AZIO AI expecting a 30% deposit “over the course of the next few weeks.” “Delivering approximately $100 million in contractual revenue … demonstrates our ability to deploy … AI infrastructure at scale,” said Chris Young, AZIO AI’s co-CEO, in the statement. PR Newswire
Last week, Envirotech Vehicles announced it had signed an amended and restated letter of intent — a non-binding outline — to acquire 100% of AZIO AI via a statutory merger. The deal framework valued AZIO AI at $480 million and pegged a reference price of $3.00 per EVTV share. However, the company cautioned there’s no guarantee a definitive agreement will be reached or the transaction completed.
EVTV’s stock exploded 442% on Monday, finishing at $2.51. Over 750 million shares traded hands, per StockAnalysis data.
Envirotech Vehicles has pushed its annual shareholder meeting to Jan. 20, according to an SEC filing, after failing to reach a quorum.
What’s tough to gauge is how fast this will translate into EVTV’s financial results. The purchase orders and pipeline figures belong to AZIO AI, not Envirotech’s traditional operations, and the merger is still just a framework.
There are clear risks in the opposite direction. The LOI doesn’t bind either party to complete the deal, and the “pipeline” AZIO AI pointed out still needs contract finalization and signing. The deposit terms are conditional too, and EVTV’s stock has already proven it can swing sharply both ways on this story.
Traders are waiting on filings to clarify the deal — a signed merger agreement, details on consideration and governance, plus any regulatory or shareholder approvals required to issue stock. Expect an 8-K or proxy update to surface first.
Envirotech Vehicles is set to reconvene its annual meeting on Jan. 20. After that, focus turns to whether AZIO AI will report the anticipated deposit in the “next few weeks” and if the merger framework will materialize into a definitive agreement.
