Brief: Phoenix Motor Inc Established Special Committee To Investigate Various Allegations Against Xiaofeng Denton Peng, Current CEO

SPI Energy Co

20/05/2024 11:21

May 20 (Reuters) - Phoenix Motor Inc  PEV.O :
    * PHOENIX MOTOR INC - ESTABLISHED A SPECIAL COMMITTEE TO
INVESTIGATE VARIOUS ALLEGATIONS AGAINST XIAOFENG DENTON PENG,
CURRENT CHIEF EXECUTIVE OFFICER
    * PHOENIX MOTOR: OBLIGATED TO GUARANTEE REPAYMENT OF A DEBT
OF
$14.98 MILLION INCURRED BY SPI ENERGY CO., LTD WHERE PENG IS
CURRENTLY SERVING AS CEO
    * PHOENIX MOTOR INC -  J. MARK HASTINGS, HAS BEEN APPOINTED
BY THE
BOARD TO ASSUME THE ROLE OF INTERIM CEO UNTIL THE CONCLUSION OF
THE INVESTIGATION
    * PHOENIX MOTOR - BOARD HAS SUSPENDED PENG FROM HIS
POSITION,
RESPONSIBILITIES AS CEO OF COMPANY WITH IMMEDIATE EFFECT,
PENDING OUTCOME OF INVESTIGATION

Source text for Eikon:  ID:n0001104659-24-063157 
Further company coverage:  PEV.O 

 ((Reuters.Brief@thomsonreuters.com;))