Phoenix Motor Inc. (PEV) Announces June 8th IPO

Phoenix Motor Inc. (PEV) is planning to raise $20 million in an IPO on Wednesday, June 8th, IPO Scoop reports. The company will issue 2,500,000 shares at a price of $7.00-$9.00 per share.

In the last year, Phoenix Motor Inc. generated $3 million in revenue and had a net loss of $560,000. The company has a market-cap of $160 million.

Prime Number Capital served as the underwriter for the IPO.

Phoenix Motor Inc. provided the following description of their company for its IPO: “Phoenix Motor Inc., doing business as “Phoenix Motorcars” through its wholly owned subsidiaries, Phoenix Cars LLC, Phoenix Motorcars Leasing LLC, and EdisonFuture Motor, Inc., currently designs, assembles and integrates electric drive systems and light and medium duty electric vehicles (“EVs”) and markets and sells electric vehicle chargers for the commercial and residential markets. The Company operates two primary brands, “Phoenix Motorcars” focused on commercial products, including medium duty electric vehicles, chargers and electric forklifts, and “EdisonFuture” which intends to offer light-duty electric vehicles. The company was founded in 2003 in Anaheim, California, where it is based. SPI Energy Co., Ltd., acquired Phoenix Motor in 2020. (Note: Phoenix Motor Inc. downsized its IPO in an S-1/A filing dated May 6, 2022, in which it cut the number of shares to 2.5 million, down from 4.0 million, and set a new price range of $7 to $9 to raise $20 million. In a previous filing in late April, Phoenix Motor revamped its IPO by removing the warrants and replacing the underwriters (Maxim Group, Roth Capital and EF Hutton) with Prime Number Capital as its new sole book-runner.)  “.

Phoenix Motor Inc. was founded in 2003 and has 55 employees. The company is located at 1500 Lakeview Loop Anaheim, CA 92807 and can be reached via phone at (909) 987-0815 or on the web at http://www.phoenixmotorcars.com/.

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