Phoenix, Arizona-based EVO Transportation and Energy Services, a transportation operator providing cargo and fuel carriers nationwide, has announced that it will be permanently closing its Austin, Texas facility and laying off 104 employees commencing January 9, 2021.
According to a company statement, the facility closing was "due to unfortunate and unforeseen circumstances caused by a large client unexpectedly notifying EVO that it had chosen a new contractor."
According to various filings, the company is under financial stress and "EVO’s stock is highly illiquid and rarely trades, EVO does not have access to capital markets (it sought unsuccessfully in March to raise equity from third parties in a private placement) and presently nearly all of EVO’s investors are unable to sell shares. EVO’s small market float is measured in thousands of dollars, not hundreds of millions of dollars."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?