Phoenix Motor, an electric drive system and vehicle maker being spun out of SPI Energy, revised the terms for its upcoming IPO on Friday.
The Anaheim, CA-based company now plans to raise $20 million by offering 2.5 million shares at a price range of $7 to $9. The company had most recently filed to offer 4 million shares, but did not disclose a range. It originally planned to offer 4 million units at $4 to $6. At the midpoint of the revised range, Phoenix Motor will raise the same amount of proceeds and command a fully diluted market value of $168 million (-57% vs. original terms).
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 booked $3 million in sales for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol PEV. Prime Number Capital is the sole bookrunner on the deal.
