secwatch.observer — SEC 8-K summary
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Issuer:     PHOENIX MOTOR INC. (PEVM)
CIK:        0001879848
Form:       8-K
Filed at:   2023-06-27T23:59:59+00:00
Accession:  0001104659-23-074824
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Phoenix Motor Inc. enters convertible note financing up to $5.1M
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- Up to $5.1M aggregate principal amount of senior convertible promissory notes issued to investors.
- Initial closing of $0.6M; second closing of $1.0M; up to $3.5M additional at investors' discretion.
- Notes carry 8.5% original issue discount, mature in 18 months, accrue interest at Prime Rate +4.75% (cash) or +7.75% (stock).
- Conversion price: greater of $0.60 floor or 87.5% of 7-day VWAP; full ratchet anti-dilution; variable upon event of default.
- Company must obtain shareholder approval by Dec 31, 2023 for issuances exceeding 19.99% of outstanding shares.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1879848/000110465923074824/0001104659-23-074824-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1879848/000110465923074824/tm2319716d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-074824

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