UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On April 20, 2023, Envirotech Vehicles, Inc. (the “Company”) received a notification letter from the Nasdaq Stock Market, LLC stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to timely file its Annual Report on Form 10-K for the period ended December 31, 2022 (“Form 10-K”).
The Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K to regain compliance.
The Company is diligently working to file its Form 10-K and expects to regain compliance with the Nasdaq Listing Rule. If the Company is unable to regain compliance with the Nasdaq Listing Rule within the prescribed periods, its stock may be delisted.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Effective April 17, 2023, the board of directors of the Company, appointed Douglas M. Campoli to serve as Chief Financial Officer of the Company until his successor is duly elected, qualified and seated or until his earlier resignation or removal.
Mr. Campoli, 59, was the Chief Financial Officer of Arcimoto, Inc. from June 2015 to April 14, 2023. Prior to that, he was the Founder of Strategic Financial Consulting from February 2013 to June 2015, providing financial consulting services for startup and existing businesses. From September 2012 to September 2013, Mr. Campoli was Chief Financial Officer of ManaFuel, bringing energy independence to Pacific Island Nations. From May 2007 to February 2011, he was Chief Financial Officer of GarageGames.com, Inc. From 2004 to May 2007, Mr. Campoli was Chief Financial Officer of SeQuential Biofuels, Inc. Prior to 2004, he held various financial positions at Genuity Inc. (previously GTE Internetworking), and AT&T Paradyne Corp. Mr. Campoli is a Certified Cash Manager and holds a B.S. in Business and Finance from the University of South Florida and an M.B.A. with a concentration in Finance from the University of Tampa.
Mr. Campoli’s salary is $250,000 per year and he received a signing bonus of $10,000. In addition, he was granted 10,000 options to purchase shares of common stock which vest monthly over 36 months.
Mr. Campoli replaces Susan Emry, who has been serving as the Company’s Interim Chief Financial Officer since February 24, 2023.
On April 18, 2023, the Company issued a press release regarding Mr. Campoli’s appointment, a copy of which is furnished as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit No. |
Description | |
| 99.1 | Press Release dated April 18, 2023. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ENVIROTECH VEHICLES, INC. | ||||||
| Dated: April 21, 2023 | By: | /s/ Susan M. Emry | ||||
| Susan M. Emry | ||||||
| Executive Vice President | ||||||
Exhibit 99.1
Envirotech Vehicles Appoints Douglas Campoli as Chief Financial Officer and Franklin Lim as Controller
OSCEOLA, Ark. / April 18, 2023 / Envirotech Vehicles, Inc. (NASDAQ: EVTV), a provider of new zero-emission, purpose-built electric vehicles (“EVTV” or “Envirotech”), announced today that Douglas Campoli has been appointed Chief Financial Officer and Franklin Lim has been appointed Controller of EVTV, effective April 17, 2023. Mr. Campoli brings to EVTV significant leadership experience in finance, accounting and corporate functions. Mr. Lim bolsters the addition of Mr. Campoli with robust experience in areas such as accounting operations, SEC reporting, payroll and SOX compliance. Mr. Campoli replaces Sue Emry, who was appointed EVTV’s interim Chief Financial Officer in February 2023. Ms. Emry will continue to serve as Executive Vice President of EVTV.
Phillip Oldridge, Chief Executive Officer of Envirotech, commented, “I am thrilled to have Doug and Franklin join our team at Envirotech Vehicles, as the experience they bring will be critical to EVTV as we continue to scale up our business. Both gentlemen know the rigor that is required with respect to running the finance and accounting departments at companies that are relatively young and in industries that are nascent, such as the electric vehicle industry today. We look forward to Doug and Franklin strengthening our program across corporate finance and accounting.”
Mr. Campoli and Mr. Lim both join EVTV from Arcimoto, a publicly traded maker of three wheeled electric vehicles for daily driving and local delivery. Mr. Campoli served as Chief Financial Officer and Treasurer of the company for nearly eight years, building financial processes, systems, policies and corporate governance committees, guiding the company through its initial public offering (IPO) process on the Nasdaq in 2017, and leading the company through its first acquisition process. He was named CFO of the Year by Portland Business Journal in the Public Companies category in 2021. Prior to joining Arcimoto, Mr. Campoli held roles as CFO, Financial Consultant, Finance Manager and Treasurer across a variety of companies and industries spanning a period of more than 25 years. Mr. Campoli is a certified cash manager (“CCM”) by the Treasury Management Association (“TMA”) and received his Master in Business Administration (MBA) from the University of Tampa – John H. Sykes College of Business and a Bachelor’s of Science (BS) in Finance from the University of South Florida.
Mr. Lim joined Arcimoto in 2021 as Corporate Controller. Mr. Lim has a rich history of experience as Controller and in senior roles in accounting, financial planning, and SEC and external reporting. He began his career as a tax accountant at Deloitte & Touche in 1989. Mr. Lim has a Master’s Degree in Accounting from the Weatherhead School of Management at Case Western Reserve University and a Bachelor’s Degree in Business Economics from the College of Wooster.
About Envirotech Vehicles
Envirotech Vehicles, Inc. is a provider of purpose-built, zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. EVTV serves commercial and last-mile fleets, school districts, public and private transportation service companies, and academic institutions to meet the increasing demand for heavy-duty electric vehicles. EVTV’s vehicles address the challenges of traditional fuel-price cost instability and local, state and federal environmental regulatory compliance. For more information, visit www.evtvusa.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by Envirotech Vehicles, Inc. with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “planned,” “expected,” “believes,” “strategy,” “opportunity,” “anticipated,” “outlook,” “designed,” and similar words. 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, Envirotech Vehicles undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
Contact Information
Investor Relations
ICR, Inc.
Telephone: (646) 200-8873
Email: envirotech@icrinc.com
Sue Emry, Executive Vice President
Telephone: (870) 970-3355
Email: sue.e@evtvusa.com
Arkansas Press Inquiries
Kristen Nicholson, APR
Telephone: (501) 350-3658
Email: knicholson@mhpteamsi.com
Document and Entity Information |
Apr. 17, 2023 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001563568 |
| Document Type | 8-K |
| Document Period End Date | Apr. 17, 2023 |
| Entity Registrant Name | ENVIROTECH VEHICLES, INC. |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 001-38078 |
| Entity Tax Identification Number | 46-0774222 |
| Entity Address, Address Line One | 1425 Ohlendorf Road |
| Entity Address, City or Town | Osceola |
| Entity Address, State or Province | AR |
| Entity Address, Postal Zip Code | 72370 |
| City Area Code | (951) |
| Local Phone Number | 407-9860 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common stock, $0.00001 par value |
| Trading Symbol | EVTV |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
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