Envirotech Vehicles Inc. of Osceola (Nasdaq: EVTV) on Wednesday wrapped up a bumpy year with its annual shareholders meeting, during which investors re-elected CEO Phillip Oldridge to a three-year term on the company’s board of directors.
Oldridge’s term will expire at the end of 2026. He has served as Envirotech CEO since September 2020 and as chairman of the board and a board member since March 2021.
Shareholders also voted to appoint the California-based Barton CPA PLLC as Envirotech’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2023.
Shares of the electric vehicle maker have fallen 41% this year to $1.34 against a backdrop of production delays, financial misstatements and executive turnover.
The company has declined interview requests concerning those matters.
Arkansas Business reported in March that the company had pushed back production at its facility in Osceola to spring 2025, the third timeline adjustment. In April, The electric vehicle-maker replaced CFO Christian Rodich after accounting errors were discovered in the company’s 2022 financial results.
After Nasdaq granted the company an extended deadline to file amended results, Envirotech submitted reports for the first, second and third quarters of 2022 that showed wider losses than initially reported and lingering concerns over its financial controls.
In October, the company announced it had regained compliance with Nasdaq listing rules, though results from the fourth quarter of 2022 have not yet been filed.
Envirotech’s October proxy statement lists compensation for the company’s top executives. Oldridge’s total compensation decreased from just over $2 million in 2021 to $1.3 million in 2022. His salary increased from $250,000 to $300,000, but his stock awards decreased from $1.84 million to $947,321.
Executive Vice President Sue Emry’s compensation in 2022 totaled $867,324, up from $68,000 in 2021. That increase reflects that Emry was an unpaid officer for her first four months with Envirotech in 2021 and received the $68,000 salary for the remainder of year. Her salary increased to $200,000 for 2022.
Rodich received total compensation of $166,873 in 2022, almost all of which came from his $146,667 salary and a $20,000 bonus. Rodich was hired in February 2022 and left the company in February 2023.
Earlier this week, Envirotech announced a new partnership with Crossno Corp. of Fort Smith, a parcel and delivery contractor for FedEx Ground operations in Arkansas, Missouri, Oklahoma, and Texas. Envirotech said it has delivered four logistics vans as part of a 90-day pilot program with Crossno.
“Crossno Corp. represents a new customer for EVTV, which has inventory in stock and is able to deliver its vehicles in relatively short order,” Envirotech said.
Sign up for Daily E-news
