PHOENIX MOTOR INC PEV opened its shares to public trading for the first time since filing for an IPO in November 2021. The company agreed to initially offer 2.10 million shares to the public at a price of $7.50 per share. On the first day of trading, the stock fell 37.54% from its opening price of $6.5 to its closing price of $4.06.
Performance of PHOENIX MOTOR INC on the first day of trading
About PHOENIX MOTOR INC and its IPO
Phoenix Motor Inc., operating 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 propulsion systems and light and medium-duty electric vehicles (“EVs”) ) and markets and sells electric vehicle chargers for commercial and residential markets
For its IPO, PEV agreed to offer 2.10 million shares at $7.50 per share, with an insider lock-up period of 180 days ending December 5, 2022.
An insider hold is a period after a company’s initial public offering when major shareholders are not allowed to sell their shares. The insider lock-up period ensures that the market is not oversupplied with shares of the company.
Traders can short the stock before the lockup date expires in the hope that the price will fall due to an increase in stock supply. Retailers should keep an eye on the short interest in this stock as it nears its lock-up period.
See also: Benzinga’s most shorted stocks
This article was created by Benzinga’s automated content engine and reviewed by an editor.
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