Aug. 14 at 12:37 PM
$EVTV Jason did not get any earnout money.
On December 18, 2024 , the Company acquired all of the issued and outstanding membership interests in Maddox Industries from Jason Maddox, the sole member of Maddox Industries immediately prior to the Closing Date, in exchange for 3,100,000 shares of the Company’s common stock,
$0.00001 par value per share aggregate value of approximately
$4.3 million based on the closing price of the Common Stock on the Nasdaq Capital Market as of the Closing Date), that certain Membership Interest Purchase Agreement, dated October 30, 2024 (the “Purchase Agreement”), by and among Maddox Industries, Jason Maddox and the Company. the six-month period following the Closing Date , Mr. Maddox was eligible to receive up to six monthly cash payments in an aggregate amount of up to
$1 million (each such monthly payment, an “Earnout Payment”) in accordance with the terms of the Purchase Agreement. No portion of any Earnout Payment was earned during the Earnout Period.
