HOUSTON, Jan. 21, 2026 (GLOBE NEWSWIRE) -- via IBN -- Envirotech Vehicles, Inc. (NASDAQ:EVTV) today provided an update to shareholders regarding a recently disclosed Nasdaq compliance matter, while reaffirming the Company's continued strategic momentum and execution alongside AZIO AI.

The Company confirmed that the Nasdaq matter is procedural and administrative in nature, stemming solely from the need to formally complete routine annual proxy items following the Company's annual meeting. A substantial portion of the votes required to establish quorum have already been received, and EVTV is actively soliciting the remaining votes necessary to formally satisfy quorum and conclude the meeting in accordance with Nasdaq requirements.

This matter is not related to EVTV's operating performance, financial condition, business fundamentals, or strategic execution, and does not impact the Company's ongoing operations or growth initiatives. The Company expects to complete the proxy process in the ordinary course.

Envirotech Vehicles further reaffirmed that its strategic execution with AZIO AI remains active, advancing, and central to the Company's long-term value creation strategy.

The Company further clarified that any potential merger or business combination with AZIO AI, if and when definitive agreements are reached, would be subject to a separate and distinct shareholder vote, conducted at the appropriate time and in accordance with applicable securities laws, Nasdaq rules, and required disclosures. No merger-related matters were presented for shareholder approval in connection with the annual proxy vote.

As previously disclosed, EVTV has moved beyond preliminary discussions and is executing under a defined transaction and operating framework with AZIO AI. That framework includes active operational alignment and collaborative workstreams tied to scalable AI infrastructure, energy systems, and next-generation mobility and power solutions. These efforts represent tangible progress toward positioning EVTV within a broader AI-driven infrastructure platform designed for long-term growth and scale.

The Company continues to believe that the alignment with AZIO AI represents a significant strategic opportunity and remains focused on disciplined execution, transparency, and building durable shareholder value as this strategy advances.

Envirotech Vehicles also reaffirmed its commitment to maintaining Nasdaq compliance and addressing the administrative proxy matter efficiently, while continuing to execute on its broader strategic objectives. The Company intends to provide updates as appropriate and in compliance with Regulation FD.

ABOUT ENVIROTECH VEHICLES, INC.

Envirotech Vehicles, Inc. (NASDAQ:EVTV) is a technology-focused company pursuing strategic initiatives designed to enhance long-term shareholder value through platform transformation, operational realignment, and selective acquisitions.

ABOUT AZIO AI CORPORATION

AZIO AI Corporation is a high-performance computing and artificial intelligence infrastructure company focused on the development and deployment of scalable AI compute platforms supporting advanced AI workloads, data-intensive applications, and enterprise-scale computing environments.

FORWARD-LOOKING STATEMENTS

This press release contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of words such as "may," "could," "will," "should," "would," "expect," "plan," "intend, " "anticipate," "believe," "estimate," "predict," "potential," "project" or "continue" or the negative of these terms or other comparable terminology. These forward-looking statements (including, without limitation, the assumed valuations of AZIO AI and EVTV, the contemplated directors and officers of EVTV following the closing of the contemplated transaction, the anticipated benefits and opportunities that may be generated by the contemplated transaction and the execution of a definitive agreement for the contemplated transaction) are not guarantees of future performance and involve risks, assumptions, and uncertainties, including, but not limited to, risks related to: the parties' ability to enter into a definitive agreement for, and to consummate, the contemplated transaction in a timely manner or at all; EVTV's ability to integrate AZIO AI's business following the closing of the contemplated transaction; the ability of the parties to obtain all necessary consents and approvals in connection with the contemplated transaction and the satisfaction or waiver of any additional conditions to the closing of the contemplated transaction; the parties' ability to obtain the approval of their respective boards of directors and securityholders; potential delays in entering into a definitive agreement for, or consummating, the contemplated transaction; EVTV's ability to realize the benefits of the contemplated transaction; EVTV's ability to maintain compliance with applicable listing criteria of The Nasdaq Stock Market LLC ("Nasdaq") and the effect of a delisting from Nasdaq on the market for EVTV's securities; the effect of the announcement or pendency of the contemplated transaction on EVTV's business relationships, operating results and business generally; significant transaction costs and unknown liabilities; litigation or regulatory actions related to the contemplated transaction; and the risks and uncertainties disclosed in reports filed by EVTV with the U.S. Securities and Exchange Commission, all of which are available online at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, EVTV undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances, or unanticipated events.

No Offer or Solicitation

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any vote, consent or approval in any jurisdiction in connection with respect to the contemplated transaction, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This press release does not constitute either advice or a recommendation regarding any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.

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(END) Dow Jones Newswires

January 21, 2026 13:56 ET (18:56 GMT)