Phoenix Motor Inc. (PEV) plans to raise $20 million in an IPO on Wednesday, June 8, reports IPO Scoop. The Company will issue 2,500,000 shares at a price of $7.00 to $9.00 per share.
Last year, Phoenix Motor Inc. had sales of $3 million and a net loss of $560,000. The company has a market cap of $160 million.
Prime Number Capital acted as underwriter for the IPO.
Phoenix Motor Inc. provided the following description of their company for their 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., designs, assembles and integrates currently manufactures electric propulsion 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 main brands, Phoenix Motorcars, which focuses 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 reduced the number of shares to 2.5 million, 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 revised its IPO by removing the warrants and the underwriters (Maxim Group, Roth Capital and EF Hutton) replaced ) with Prime Number Capital as the new sole bookrunner.) “.
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 by phone at (909) 987-0815 or online at http://www.phoenixmotorcars.com/.
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