Envirotech Vehicles , Inc. (NASDAQ:EVTV), a company specialized in motor vehicle parts and accessories currently valued at $12.1 million, has announced the immediate resignation of its Chief Financial Officer (CFO) William C. Miller on Monday. The company's stock, trading at $0.72, has seen significant pressure recently, with InvestingPro data showing a 32% decline in the past week alone. Following this departure, the company's Board of Directors has appointed Jason Maddox as the Interim CFO, effective Tuesday.
Maddox, who has been serving as the President of Envirotech Vehicles since October 16, 2024, will maintain his role as President without additional compensation for his new interim position.
With a background that includes a Bachelor of Science degree in mechanical engineering and journalism and mass communication, Maddox brings to the table a blend of technical and communicative expertise. His academic credentials are further bolstered by a master's degree in entrepreneurship and a post-graduate certificate in entrepreneurship studies from prestigious institutions.
Prior to his current roles at Envirotech Vehicles, Maddox has been at the helm of Maddox Defense, Inc. since June 2008 and Maddox Industries LLC from January 2021 until its acquisition by Envirotech in December 2024. His leadership experience is expected to be valuable as he takes on the additional responsibilities of the CFO role.
The transition follows the company's acquisition of Maddox Industries, a deal which resulted in Jason Maddox receiving approximately 3.1 million shares of Envirotech Vehicles' common stock, valued at around $4.3 million. According to InvestingPro analysis, while the company currently shows weak financial health metrics, analysts expect both sales growth and net income improvement in the current year. Investors can access 16 additional ProTips and comprehensive financial analysis through InvestingPro. Additionally, Maddox is entitled to earnout payments up to $1 million over a six-month period, based on the gross revenue received by Maddox Industries.
There are no familial ties or related party transactions between Maddox and any other director or executive officer of the company, except as stated above regarding the acquisition of Maddox Industries. The information regarding these corporate changes is based on a press release statement from Envirotech Vehicles, Inc.
This executive shuffle comes at a time when the company continues to navigate the competitive landscape of the automotive parts industry, with Maddox's appointment serving as a strategic move to ensure continuity in the company's financial leadership. The company maintains a healthy current ratio of 3.43, indicating strong short-term liquidity, and investors should note the upcoming earnings announcement scheduled for February 26, 2025, which could provide more clarity on the company's strategic direction.
In other recent news, Envirotech Vehicles, a manufacturer of motor vehicle parts and accessories, has seen significant changes in its executive team and business operations. The company announced the appointment of William C. Miller as the new Chief Financial Officer, succeeding Franklin Lim who resigned due to health reasons. Miller brings over 25 years of accounting and finance experience to his new role.
In a strategic move, Envirotech has acquired Maddox Industries, a move expected to expand its manufacturing capabilities and provide a significant revenue stream from government contracts over the next three years. As part of this acquisition, Jason Maddox, founder of Maddox Industries, has been appointed as President of Envirotech.
Analysts from InvestingPro project net income growth for Envirotech in the coming year despite a recent decline in company revenue. The company has also been active in the electric vehicle market, with the sale of 25 " Bumble (NASDAQ:BMBL) Bee" model electric school buses across Arkansas and Texas, and a $16.2 million deal with Texas-based PlugD Commercial Electric Leasing and Rentals Inc. for the supply of 200 electric high-roof vans and trucks.
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