Phoenix Motor Inc. Announces Closing of $15,750,000 Initial Public Offering
June 10 2022 - 2:54PM
Business Wire
Phoenix Motor Inc. (“Phoenix” or the “Company”) (NASDAQ: PEV), a
California based company that designs, assembles, and integrates
electric drive systems and light and medium duty electric vehicles
(“EVs”), today announced the closing of its initial public offering
(the “Offering”) of 2,100,000 shares of common stock at a public
offering price of $7.50 per share (the “Common Stock”), for
aggregate gross proceeds of $15.75 million before deducting
underwriting discounts and commissions and offering expenses. The
Offering closed on June 10, 2022 and the Common Stock began trading
on June 8, 2022 on The Nasdaq Capital Market under the ticker
symbol “PEV.”
Prime Number Capital LLC acted as the sole book runner and
representative of the underwriters for the Offering. Revere
Securities LLC and Westpark Capital, Inc. acted as co-managers for
the Offering. Loeb & Loeb LLP served as counsel to the Company,
and Robinson & Cole LLP served as counsel to Prime Number
Capital LLC.
A registration statement on Form S-1 (File No. 333-261384)
relating to the Offering has been filed with the Securities and
Exchange Commission (“SEC”) and was declared effective by the SEC
on June 7, 2022. The Offering is made only by means of a
prospectus. Copies of the Offering prospectus may be obtained from
Prime Number Capital LLC by email at info@pncps.com. In addition, a
copy of the final prospectus relating to the Offering may be
obtained via the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Phoenix Motor Inc.
Phoenix Motor Inc., a pioneer in the electric vehicles (“EVs”)
industry, through its wholly owned subsidiaries, designs,
assembles, and integrates electric drive systems and light and
medium duty EVs and markets and sells electric vehicle chargers for
the commercial and residential markets. Phoenix operates two
primary brands, “Phoenix Motorcars” focused on commercial products
including medium duty EVs, chargers and electric forklifts, and
“EdisonFuture” which intends to offer light-duty EVs. As an EV
pioneer, the Company delivered its first commercial EV in 2014 and
deployed the very first zero emission airport shuttle bus at the
Los Angeles International Airport (“LAX”); the LAX fleet has grown
to 39 electric shuttle buses, one of the largest of its kind. Los
Angeles Air Force Base in El Segundo and NASA’s Jet Propulsion
Laboratory in Pasadena, California are among the customers for the
Company’s first-generation E Series Zeus EVs. Phoenix intends to be
a leading designer, developer and manufacturer of electric vehicles
and electric vehicle technologies. For more information, please
visit: www.phoenixmotorcars.com and www.edisonfuture.com.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
“may,” “will,” “intend,” “should,” “believe,” “expect,”
“anticipate,” “project,” “estimate” or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. No assurance can be given that the net
proceeds of the Offering will be used as indicated. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that may cause the actual results to differ
materially from the Company’s expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company’s ability to convert concept trucks and vans
into production and sales; the Company’s product development
timeline and expected start of production; development of
competitive trucks and vans manufactured and sold by the Company’s
competitors and major industry vehicle companies; the Company’s
ability to scale in a cost-effective manner; the Company’s future
capital requirements and sources and uses of cash; the Company’s
ability to obtain funding for its future operations; the Company’s
financial and business performance; changes in the Company’s
strategy, future operations, financial position, estimated revenues
and losses, projected costs, prospects and plans; the
implementation, market acceptance and success of its business
model; expectations regarding the Company’s ability to obtain and
maintain intellectual property protection and not infringe on the
rights of others; and other risks contained in the Offering
prospectus and reports filed by the Company with the SEC. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company’s filings with the
SEC, including those set forth in the Risk Factors section of the
Company's registration statement and Offering prospectus, which are
available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20220610005582/en/
For more information, please contact:
Underwriter
Prime Number Capital LLC Ms. Xiaoyan Jiang, Chairwoman
Email:xj@pncps.com Phone: 516-582-9666
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