Following through its previously announced IPO plan, electric vehicle maker Phoenix Motor Inc. (Nasdaq: PEV) started trading on the Nasdaq Capital Market on Wednesday. The California-based automaker aims to raise US$15.75 million in its debut on the US big board.
The offering consisted of 2.1 million common shares at US$7.50 per share. The shares will be trading on the Nasdaq exchange under the symbol “PEV”.
Prime Number Capital is acting as the sole bookrunner for the said offering. The underwriters were given a 30-day over-allotment option to purchase up to 315,000 shares more at the same IPO price.
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Proceeds from the offering are expected to be used for investment in its technology, research and development efforts, manufacturing, marketing, maintaining and expanding its intellectual property portfolio, and for working capital and other general corporate purposes.
The offering is expected to close today, June 10, 2022, subject to customary closing conditions.
The California-based carmaker claims to be “a pioneer in the electric vehicles industry.” The firm offers medium-duty EVs, chargers, and electric forklifts through its Phoenix Motorcars brand and light-duty EVs through its EdisonFuture brand.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
