Dot Ai completed its acquisition of Envoy Technologies from BladeRanger in an all-stock transaction valued at approximately $65 million.
The transaction was based on an agreed reference price of $6 per share of Dot Ai common stock and also involved Blink Charging, which holds an outstanding convertible note issued by Envoy.
With the acquisition complete, Dot Ai adds an established, revenue-generating electric vehicle carsharing business with customers and vehicles operating across the United States.
Envoy provides all-electric carsharing as an on-site amenity at residential communities, hotels, resorts, and campus properties.
Residents and guests can reserve vehicles by the hour or day through the Envoy app, while Envoy manages insurance, maintenance, and day-to-day vehicle operations.
Property owners can offer the service as an amenity and potential revenue stream without purchasing or managing the vehicles directly.
Dot Ai plans to support expansion of Envoy’s fleet and property footprint across residential, hospitality, and campus locations in the U.S., with potential expansion into select international markets over time.
The company also plans to apply its asset-intelligence technology to Envoy’s fleet, where vehicle tracking, monitoring, and management are core operational functions.
Dot Ai said the acquisition also strengthens its position regarding Nasdaq’s continued listing requirements.
The company believes the transaction allows it to satisfy the $2.5 million minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1).
Dot Ai plans to submit evidence of compliance to the Nasdaq Hearings Panel, although continued listing remains subject to the panel’s confirmation.
The closing follows Dot Ai’s settlement of its senior secured debt and completion of new working-capital financing in September.
Under the transaction, Dot Ai acquired 100% of Envoy from BladeRanger through shares of common stock and Series C Convertible Preferred Stock.
Envoy’s existing $12.5 million convertible note remains outstanding and was amended in connection with the closing.
The note is expected to convert into Dot Ai common stock after specified conditions are satisfied, including stockholder approval and effectiveness of a resale registration statement, subject to certain exceptions.
The $65 million transaction value includes shares issuable upon conversion of the convertible note.
Following the conversions, BladeRanger is expected to own a majority of Dot Ai’s common stock on an as-converted basis, subject to applicable limitations and approvals.
Dot Ai plans to seek any required stockholder approval by January 31, 2027.
KEY QUOTES:
“Dot Ai has spent years building technology around the movement and intelligence of physical assets. Envoy expands our reach into shared mobility, creating new opportunities to apply Dot Ai’s asset-intelligence technology in a growing market. This closing puts Dot Ai on a stronger foundation, addresses the stockholders’ equity requirement in front of us with Nasdaq, and gives us a platform we can grow.”
Edmund S. Nabrotzky, Chief Executive Officer of Dot Ai
“Car access is becoming part of the amenity package in the same way residents and guests expect a gym, a pool or Wi-Fi. Envoy has been building toward that shift for years. This transaction gives us an opportunity to put that model in front of more owners and operators and make shared mobility a much more common part of the places people live and stay.”
Shmulik Yannay, CEO of BladeRanger
“What stood out to me about Envoy is how much of the difficult work has already been done. The technology is built, customers are using it and the model has been deployed across multiple markets. The question was never whether Envoy works. With the acquisition closed, our focus turns to funding that growth and putting Dot Ai’s technology to work across Envoy’s fleet.”
Charles Maddox, Chief Financial Officer and Chief Operating Officer of Dot Ai
