Phoenix Motor Inc., an Anaheim, Calif.-based electric vehicle maker and a unit of SPI Energy Co Ltd. (SPI), on Monday filed its initial public offering with plans to raise up to $150 million. Phoenix Motor Inc. plans to trade on the Nasdaq under the symbol "PEV" with underwriters Maxim Group LLC, Roth Capital Partners and EF Hutton. The company reported a net loss of $3.4 million and revenue of $4.1 million between Jan. 1, 2020 and Nov. 12, 2020, compared to a net loss of $6 million and revenue of $4 million for calendar year 2019. The company designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles (EVs) and markets and sells electric vehicle chargers for the commercial and residential markets, according to its IPO prospectus. Xiaofeng Denton Peng has been Phoenix Motor's chairman since December, 2020. He has also served as a director and the executive chairman of the board of directors of SPI Energy Co. Ltd., the parent company of Phoenix Motor since 2011. Peng also founded LDK Solar Co. Ltd. in 2005.
(END) Dow Jones Newswires
November 29, 2021 07:27 ET (12:27 GMT)
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