Phoenix Motor dives following downsized IPO

SPI Energy Co

08/06/2022 19:43

** Phoenix Motor Inc's  PEV.O  shares plummet and last down
41.9% at $4.36 in debut after IPO reduced in size and priced
near bottom of expectations
    ** Co, which designs, assembles, and integrates electric
drive systems and light and medium duty electric vehicles,
including forklifts, sold 2.1 mln shares at $7.50 for $15.75 mln
raise  urn:newsml:reuters.com:*:nBwbxW9WBa
    ** The spinoff of renewable firm SPI Energy  SPI.O  was
looking to offer 2.5 mln shares at $7-$9
    ** As of Dec 31, 2021, PEV delivered 104 electric shuttle
buses and work and delivery trucks
    ** For qtr ended Mar 31, co posted net loss of $2.3 mln vs
$1.9 mln in yr-ago period. Rev rose to $671,000 from $473,000 a
yr ago, according to its prospectus filing https://www.sec.gov/Archives/edgar/data/1879848/000110465922064015/tm2122230-26_s1a.htm
    ** Offering comes in a tough IPO market, as extreme market
volatility and poor aftermarket performances has forced many
potential cos to the sidelines, and as investors shun
speculative stocks  urn:newsml:reuters.com:*:nL2N2X51AN  urn:newsml:reuters.com:*:nL2N2VW1WU

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))