Phoenix Motor Inc. (PEV) has released an update to notify the public and investors about an entry into a material definitive agreement.
On January 4, 2024, Phoenix Motor Inc. engaged in a Securities Purchase Agreement with an accredited investor for a private placement, issuing 600,000 shares of common stock at $1.13 each and a warrant to purchase an equivalent number of shares at the same price. The warrant is exercisable immediately for one year and may be exercised cashlessly under certain conditions. The company completed the placement on January 25, 2024, with gross proceeds of approximately $678,000, intended for working capital and other corporate purposes.
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For a comprehensive understanding of the announcement, you can read the full document here.