Envirotech Vehicles Extends Earnout Period in Maddox Industries Acquisition

Reuters

2025/10/25

Envirotech Vehicles Extends Earnout Period in Maddox Industries Acquisition

Envirotech Vehicles Inc. has updated the terms of its acquisition of Maddox Industries, LLC. Under an amended agreement reached on October 20, 2025, the period during which the seller, Jason Maddox, is eligible to receive earnout payments has been extended to June 17, 2026. The earnout payments, which are based on gross revenue received by Maddox Industries in respect of certain receivables, remain capped at a total of $1 million and are otherwise subject to the original terms of the purchase agreement. The acquisition of Maddox Industries was completed on December 18, 2024. Jason Maddox, who previously served as CEO of Maddox Industries, currently holds several leadership roles at Envirotech Vehicles Inc., including director, interim CFO, and president.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Envirotech Vehicles Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001437749-25-031729), on October 24, 2025, and is solely responsible for the information contained therein.

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The earnout payments, which are based on gross revenue received by Maddox Industries in respect of certain receivables, remain capped at a total of $1 million and are otherwise subject to the original terms of the purchase agreement. The acquisition of Maddox Industries was completed on December 18, 2024. Jason Maddox, who previously served as CEO of Maddox Industries, currently holds several leadership roles at Envirotech Vehicles Inc., including director, interim CFO, and president.\n      \n\nDisclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. 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