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Highlights
- Phoenix Motors delivered 84 shuttle buses and 14 trucks as of September 30, 2021.
- Phoenix's maximum aggregate offering price is US$150 million.
- The EV maker plans a NASDAQ listing under the ticker symbol PEV.
Among a flurry of IPOs this year, the EV makers have been drawing huge attention from investors. Now, Phoenix Motors aims for an initial public offer, coming close on the heels of Rivian Automotive IPO earlier this month.
The company filed for an IPO with the Securities and Exchange Commission (SEC) on Monday, showing its solid confidence in the market following several blockbuster IPOs this year.
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The Ontario, California-based company was founded in 2003. Phoenix manufactures electric buses and trucks. It has been recently focusing on supplying EVs for government fleet markets.
Phoenix launched its first electric drivetrain in 2009 and sold its first commercial EV shuttle bus in 2014. In November 2020, renewable energy company SPI Energy purchased Phoenix. As of September 30, 2021, Phoenix Motors delivered 84 shuttle buses and 14 work-delivery trucks.
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Phoenix Motors IPO Details
The firm has not yet revealed the number of shares it plans to offer or the IPO price range. However, according to its SEC filing, its maximum aggregate offering price is US$150 million.
The firm plans to list its common stock on the Nasdaq Capital Market (NASDAQ) under the ticker symbol PEV. Interested buyers can purchase the shares after the stock starts trading on the exchange.
The underwriters for the IPO are Maxim Group LLC, EF Hutton, and Roth Capital Partners.
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Phoenix Motors Financials
The firm has generated net sales of US$377,000 in the period between Nov 13, 2020, and Dec 31, 2020. It incurred a net loss of US$1.24 million in the same period. As of Dec 31, 2020, the company's cash and cash equivalents were US$15.69 million.
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Bottomline
The EV sector has been the hottest investment destination since 2020. Earlier this month, EV maker Rivian Automotive, Inc. (RIVN) had launched its much-awaited IPO, bringing its valuation to over US$100 billion and making it the biggest IPO this year globally.
