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Benzinga

Shivani Kumaresan

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

Phoenix (Organization) Nasdaq California

Phoenix Motor Inc (NASDAQ: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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