EV maker Phoenix Motor (PEV), a subsidiary of SPI Energy (SPI), has made changes to its proposed initial public offering, including dropping its previously disclosed pricing range and switching underwriters.
In its latest amended filing, Phoenix said it intends to offer 4M shares, but didn’t state the price range. However, an attached table related to the deal’s filing fees indicates the company intends to price the deal up to $6 per share to raise around $24M.
A filing made in early February stated that Phoenix planned to offer 4M units priced in the range of $4 to $6, which would have raised $20M if priced at the midpoint. Each unit would have consisted of one share plus one warrant to purchase one share at the IPO price.
Phoenix also changed underwriters. In the February filing, Phoenix said that Maxim Group, Roth Capital Partners and EF Hutton were serving as lead bookrunners. In its most recent filing, Phoenix named Prime Number Capital as the bookrunner. The company hopes to list its shares on Nasdaq under the symbol PEV.
Following the IPO, more than 50% of the voting power of Phoenix’s outstanding common stock will be owned by subsidiaries of SPI Energy.
Phoenix designs and sells light-to-medium duty EVs, including vans, buses and forklifts. It also sells EV drivetrain kits that can be integrated into vehicles such as Ford Econoline vans.
The company also updated its financial information. For the year ended Dec. 31, 2021, Phoenix reported a net loss of $15M on net sales of $3M.
For more in-depth look at Phoenix Motor, check out Donovan Jones’s “Phoenix Motor Finalizes $20M IPO Terms”.
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