EV Company Phoenix Motor Hits The IPO Path - Checkout For Details

  • Phoenix Motor Inc PEV has priced its initial public offering of 2.1 million shares at $7.50 per share.
  • The offer price falls around the low end of its predicted range of $7 - $9 per share.
  • Phoenix Motor is a California-based company that designs, assembles, and integrates electric drive systems and light and medium-duty electric vehicles.
  • The company aims to raise $15.8 million before deducting underwriting discounts and commissions and offering expenses.
  • The shares have been approved for listing on the Nasdaq capital market and will commence trading on June 8, 2022, under the ticker symbol "PEV."
  • Phoenix has granted the underwriters an option to purchase up to an additional 0.3 million shares at the offer price.
  • The offering is expected to close on June 10, 2022.
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