Envirotech Vehicles (EVTV) shares surged over 300% after signing a letter of intent to merge with Azio AI, with a reference price of $3 per share. Azio also landed a $107 million government contract in Southeast Asia for AI infrastructure. The potential merger will transition EVTV from an electric vehicle maker to an AI-focused business, possibly leading to a premium on shares. Despite the rally, EVTV stock is still trading below early 2025 levels. While speculative, technical indicators suggest further upside for EVTV stock in the near term, with strong momentum and moving averages support. However, the stock currently lacks Wall Street coverage, potentially limiting institutional investment.

Read more at Barchart: A $107 Million Reason to Buy This Red-Hot Penny Stock Now