Electric Vehicle Maker Phoenix Motorcars Bats For Nasdaq IPO

Phoenix Motor Inc. is looking to join the list of electric vehicle manufacturers going public. The firm, doing business as Phoenix Motorcars, filed for an initial public offering today on the Nasdaq Capital Market.

According to its filed prospectus, the company is registering for an IPO with a maximum offering price of US$150.0 million. It is also looking to trade under the symbol “PEV”.

The firm also disclosed its financials, recording US$1.7 million in revenue for the nine months ended September 30, 2021, compared to US$3.8 million in revenue for the same comparable period last year. It also incurred a net loss of US$6.4 million for the same nine-month period in 2021, down from a net loss of US$3.3 million last year.

As of September 30, 2021, the company had total assets valued at US$23.0 million with US$6.0 million in cash and cash equivalents.

The firm intends to use the net proceeds from the offering on funding its research & development, product development, capacity expansion, and general corporate purposes.

The California-based automaker is a wholly-owned subsidiary of Hong Kong-headquartered SPI Energy Co. (Nasdaq: SPI), which acquired the firm in November last year. Upon the closing of the offering, it will still be a “controlled company” with more than 50% of the common stock beneficially owned by SPI Energy through its subsidiaries according to the company.

The company is also headed by SPI Energy Executive Chairman and CEO Xiaofeng Peng as its chairman, joined by former UQM Technologies CEO Joseph Mitchell as the CEO.

Maxim Group, Roth Capital Partners, and EF Hutton are the listed underwriters for the said planned offering.

The company said in its filing that it “currently designs, assembles, and integrates electric drive systems and light and medium-duty electric vehicles and markets and sells electric vehicle chargers for the commercial and residential markets.”

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.

Leave a Reply