Dot Ai completes $65 million Envoy acquisition
- Dot Ai (NASDAQ:DAIC) completed its acquisition of Envoy Technologies in an all-stock transaction valued at approximately $65 million, adding an electric vehicle carsharing business.
- The transaction gives Dot Ai 100% ownership of Envoy, which operates a revenue-generating EV carsharing service serving U.S. properties.
- Dot Ai said it plans to expand Envoy’s fleet and property network while applying its asset-intelligence technology to the business.
Dot Ai (NASDAQ:DAIC) completed the acquisition of Envoy Technologies from BladeRanger through an all-stock transaction valued at approximately $65 million, using common stock and Series C Convertible Preferred Stock based on an agreed $6 reference price.
The acquisition value includes shares issuable upon conversion of Envoy’s $12.5 million convertible note held by Blink Charging, which remains outstanding following completion of the transaction.
Dot Ai said Envoy brings an existing customer base and revenue-generating operations across U.S. properties, while the company believes it now meets Nasdaq’s $2.5 million minimum stockholders’ equity requirement pending Hearings Panel confirmation.
The company said it plans to increase Envoy’s vehicle fleet and property footprint while integrating Dot Ai’s asset-intelligence technology into fleet operations.
The acquisition followed Dot Ai’s September completion of a senior secured debt settlement and new working-capital financing as the company continues developing its mobility and technology operations.
