The California-based Phoenix Motor announced on Friday the closing of its initial public offering of 2,100,000 shares of common stock at a public offering price of $7.50 per share raising $15.75 million. The EV maker began trading last Wednesday (June 8) on the Nasdaq Capital Market under the ticker symbol $PEV. The stock’s first trade on the Nasdaq was at $6.50 for 281,727 shares valuing the company at about $130 million.
According to Phoenix, the net proceeds from this offering will be primarily used for investment in its technology, research and development efforts, manufacturing, and marketing. In addition, the proceeds will help to maintain and expand its intellectual property portfolio and for working capital and other general corporate purposes.
Phoenix operates two primary brands, “Phoenix Motorcars” focused on commercial products including medium duty EVs, chargers and electric forklifts, and “EdisonFuture” which intends to offer light-duty EVs.
The Company delivered its first commercial EV in 2014 and deployed the very first zero emission airport shuttle bus at the Los Angeles International Airport, and the LAX fleet has grown to 39 electric shuttle buses, one of the largest of its kind. Los Angeles Air Force Base in El Segundo and NASA’s Jet Propulsion Laboratory in Pasadena, California are among the Company’s customers for the Company’s first generation E Series Zeus EVs, the company says.