Phoenix Motor, an electric drive system and vehicle maker being spun out of SPI Energy, announced terms for its IPO on Monday.
The Anaheim, CA-based company plans to raise $20 million by offering 4 million units at a price range of $4 to $6. Each unit contains one share of common stock and one warrant, exercisable at 100% of the IPO price. At the midpoint of the proposed range, Phoenix Motor would command a fully diluted market value of $389 million. Because the company is now offering warrants, Phoenix Motor is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
Operating under the Phoenix Motorcars name, the company designs, assembles, and integrates electric drive systems and electric vehicles (EVs), and markets and sells EV chargers for the commercial and residential markets. The company converts light- and medium-duty commercial vehicles into EVs for various service and government fleet markets, and serves a broad spectrum of commercial fleet customers. The company delivered its first commercial EV in 2014 and as of September 30, 2021, it has delivered a total of 98 EVs, consisting of 84 shuttle buses and 14 work and delivery trucks. It recently began production of its third-generation drivetrain, which includes the largest battery pack and longest electric range for any Class 4 product on the market, offering up to 160 miles in range. Additionally, the company has partnered with Icona Design to develop a solar cell-integrated electric pickup truck and delivery van, branded the EdisonFuture EF1-T and EdisonFuture EF1-V, respectively, and aims to begin deliveries in 2025.
Phoenix Motor was founded in 2003 and booked $2 million in sales for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol PEV. Maxim Group LLC, Roth Capital, and EF Hutton are the joint bookrunners on the deal
