Adomani(r) and envirotech drive systems, inc. enter into non-binding letter of intent for proposed business combination

Corona, ca / accesswire/ december 24, 2020 / adomani, inc. ( otcqb:adom ) a provider of new zero-emission, purpose-built electric vehicles and drivetrain solutions, announced that it entered into a non-binding letter of intent ("loi") with envirotech drive systems, inc. ("evt"), north america's first and only manufacturer of purpose-built all-electric zero-emission class 3, 4 and 5 vehicles, regarding a potential business combination transaction pursuant to which a newly formed subsidiary of adomani would merge with and into evt, whereby evt would become a wholly-owned subsidiary of adomani in exchange for shares of adomani common stock (the "proposed transaction"). upon completion of the proposed transaction, it is contemplated that the stockholders of evt would hold approximately 58% of the total outstanding shares of common stock of adomani, subject to certain adjustments.
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