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)
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