Thursday, June 9, 2022

Phoenix Motor Raises $15.75M In Lackluster IPO

Anaheim-based electric vehicle developer Phoenix Motor, which says it is working on electric drive systems and light and medium duty electric vehicles, has raised $15.75M in its initial public offering (IPO), a fraction of its initial target of $150M. The company said it sold 2,100,000 shares of its common stock at $7.50 per share. The company now trades on the Nasdaq Capital Market as PEV. The company's IPO was underwritten by Prime Number Capital LLC, Revere Securities LLC and Westpark Capital.