SCHEDULE 13D: Envirotech Vehicles Insider Jason Maddox Discloses 16% Stake, Citing Administrative Oversight for Late Filing

Envirotech Vehicles, Inc.'s President and Interim CFO, Jason Maddox, has disclosed a 16.0% beneficial ownership stake in the company, primarily through an acquisition of shares as consideration for Maddox Industries, LLC, noting the Schedule 13D filing was delayed due to administrative oversight.

Summary

• Jason Maddox, President and Interim CFO of Envirotech Vehicles, Inc., beneficially owns 4,102,385 shares of Common Stock, representing 16.0% of the outstanding shares.
• This ownership includes 3,100,000 shares acquired on December 18, 2024, as partial consideration for the Issuer's purchase of Maddox Industries, LLC, a company wholly owned by Mr. Maddox.
• The beneficial ownership also includes 1,000,000 shares underlying stock options granted on March 10, 2025, with an exercise price of $0.25, which vested immediately.
• Additionally, Mr. Maddox acquired 1,905 shares through open market purchases from November 2023 to September 2024, 15 shares on December 20, 2024, at $1.30 per share, and 465 shares on January 21, 2025, at prices ranging from $0.90 to $1.05 per share.
• The filing of this Schedule 13D, required after exceeding 5% ownership on December 18, 2024, was delayed due to an administrative oversight.
• The percentage of class is based on 25,670,211 shares of Common Stock outstanding as of May 15, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed on May 20, 2025.

Sentiment

Score: 5

Explanation: The filing indicates a significant insider stake, which is generally positive for alignment. However, the late filing due to 'administrative oversight' introduces a notable negative compliance concern, balancing the overall sentiment to neutral.

Positives

• A key insider, Jason Maddox (President and Interim CFO), has a significant beneficial ownership stake of 16.0%, aligning his interests with shareholders.
• The acquisition of Maddox Industries, LLC, for which shares were issued, suggests strategic growth or integration for Envirotech Vehicles, Inc.
• The grant of 1,000,000 stock options to Mr. Maddox at an exercise price of $0.25, which vested immediately, indicates a commitment to his role and potential future value creation.

Negatives

• The Schedule 13D filing was made late due to "administrative oversight," which could raise concerns about internal controls and compliance.

Risks

• The late filing of the Schedule 13D due to "administrative oversight" indicates a potential compliance risk and could lead to regulatory scrutiny or fines.
• The Reporting Person, as President and Interim CFO, may have influence over corporate activities, which, while typical for an executive, could be perceived as a concentration of power.

Future Outlook

The Reporting Person, in his capacity as President and Interim Chief Financial Officer, may engage in communications with the Board of Directors, management, and other stockholders regarding the Issuer's operations, governance, and control. He may also have influence over corporate activities, including those related to changes in capitalization, mergers, or sales of assets. The Reporting Person may review or reconsider his position and/or change his purpose and/or formulate plans or proposals at any time.

Management Comments

• "Mr. Maddox is the President and Interim Chief Financial Officer of the Issuer."
• "In such capacity, Mr. Maddox may engage in communications with the Board of Directors of the Issuer, members of management of the Issuer, other stockholders of the Issuer, financial and legal advisers and other parties regarding the Issuer, including but not limited to its operations, governance and control."
• "In addition, in his capacity as President and Interim Chief Financial Officer, Mr. Maddox may have influence over the corporate activities of the Issuer, including activities which may relate to items described in subparagraphs (a) through (j) of the instructions to Item 4 of Schedule 13D."
• "Except as set forth herein, the Reporting Person does not have any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D."
• "The Reporting Person may, at any time and from time to time, review or reconsider his position and/or change his purpose and/or formulate plans or proposals with respect thereto."

Industry Context

This Schedule 13D filing primarily concerns an insider's ownership stake and does not provide specific details on broader industry trends or competitive positioning for Envirotech Vehicles, Inc. However, as an electric vehicle company, it operates within a rapidly evolving and competitive sector driven by technological advancements and regulatory shifts.

Related Party Transactions

• The Issuer acquired all issued and outstanding membership interests of Maddox Industries, LLC, from Jason Maddox (the sole member), with 3,100,000 shares of Common Stock issued as partial consideration. This is a direct related-party transaction.

Stakeholder Impact

• Shareholders: The significant insider ownership (16.0%) by the President and Interim CFO could be viewed positively as it aligns management's interests with those of other shareholders. However, the late filing might raise concerns about corporate governance and compliance.

Next Steps

• Jason Maddox may engage in further communications with the Board, management, and other stockholders regarding the Issuer's operations, governance, and control.
• Jason Maddox may review or reconsider his position and/or change his purpose and/or formulate plans or proposals regarding his stake or the Issuer's corporate activities.

Key Dates

Recommendation

Keywords

Envirotech Vehicles Inc., Jason Maddox, Schedule 13D, Beneficial Ownership, Insider Ownership, Stock Options, Maddox Industries LLC, SEC Filing, Corporate Governance, EVT, Common Stock