Envirotech Vehicles selects new exec amid distorted finances

EV maker Envirotech Vehicles of Osceola announced the appointment of a new chief financial officer Wednesday, about two weeks after the company disclosed it misstated money matters to the U.S. Securities and Exchange Commission.

What's happening: Douglas Campoli, the new CFO, comes from Arcimoto, an Oregon-based maker of three-wheeled EVs.

• Franklin Lim, also from Arcimoto, has been appointed company controller.

Driving the news: Envirotech Vehicles disclosed in an SEC filing March 30 it misstated sales revenue and cost of sales in each of the first three quarters of 2022, Arkansas Business reports.

• Envirotech didn't specify when it would file amended financial reports but said it is diligently working on them.

The company hasn’t filed quarterly results since the third quarter of 2022, when it reported its first quarterly profit of $3.9 million, up from $709,092 from the previous year.

What we're watching: Envirotech said in March it's agreed to acquire Maddox Defense of Conroe, Texas, a government contractor, supplier and manufacturer.

• There is no word on when that deal might close.