Phoenix Motor, a maker of electric vehicles and drive systems being spun out of SPI Energy, raised $16 million by offering 2.1 million shares at $7.50, slightly below the midpoint of the of $7 to $9 range. The company offered 16% fewer shares than anticipated.
Operating as Phoenix Motorcars, the company designs, assembles, and integrates electric drive systems and electric vehicles (EVs), and markets and sells EV chargers. The company also converts light- and medium-duty commercial vehicles into EVs for service and government fleet markets. During the 12 months ended March 31, 2022, Phoenix booked $3 million in revenue.
Parent SPI Energy (Nasdaq: SPI) closed Tuesday at $2.28.
Phoenix Motor plans to list on the Nasdaq under the symbol PEV. Prime Number Capital acted as sole bookrunner on the deal.
