Ecoark to sell Banner Midstream unit via reverse merger with Enviro Tech
Enviro Technologies (OTCPK:EVTN) +510% after Ecoark Holdings (NASDAQ:ZEST) announced plans on Wednesday to
through a reverse merger with Enviro Tech.
Enviro Tech (OTCPK:EVTN) will issue nearly 13M shares to Ecoark (ZEST) in exchange for all issued and outstanding common stock of Banner, giving it a 70% ownership in its former unit at closing.
Ecoark (ZEST) said it intends to effect a 4:1 forward stock split of Enviro (OTCPK:EVTN) to allow for a ~1:1 stock dividend of Enviro to Ecoark's shareholders at a to be determined record date.
"We are excited for our shareholders to be able to acquire an operating business such as Banner which recorded $18.75M in revenues for its most recently completed year-end on March 31," Enviro Tech (OTCPK:EVTN) CEO John DiBella said.