EVTV enters definitive merger with Azio AI; existing stockholders to hold ~11%

Envirotech Vehicles, Inc.

EVTV will issue 100M shares to Azio AI stockholders; existing EVTV holders expected ~11% post-close.
Azio AI has $118M infrastructure order; first 8 server racks delivered; 11 MW power secured, pursuing up to 500 MW.
Post-merger leadership: Chris Young (CEO), Jason Maddox (CFO), Elgin Tracy (COO); Oldridge steps down.
Executives Maddox, Tracy, and Oldridge each receive 1.5M performance shares vesting on change in control.
Closing expected H2 2026, subject to EVTV stockholder approval and SEC effectiveness.

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