Phoenix Motor, an electric drive system and vehicle maker being spun out of SPI Energy, filed an updated prospectus with the SEC on Wednesday, removing the proposed range and warrants from its offering. The company had previously filed to raise $20 million by offering 4 million units at a price range of $4 to $6, with each unit containing one share of common stock and one warrant. It now plans to offer 4 million shares at an undisclosed price range.
In its latest filing, the company also replaced Maxim Group, Roth Capital, and EF Hutton with Prime Number Capital as its sole bookrunner, disclosed financials for the fiscal year ended December 31, 2021, and disclosed the appointment of a new CEO.
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 December 31, 2021, it has delivered a total of 104 EVs, consisting of 91 shuttle buses and 13 work and delivery trucks. It is currently in 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.
Phoenix Motor was founded in 2003 and plans to list on the Nasdaq under the symbol PEV. Prime Number Capital is the sole bookrunner on the deal.
