---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-116479"
form_type: "8-K"
ticker: "PEVM"
cik: "0001879848"
company_name: "PHOENIX MOTOR INC."
filed_at: "2023-11-13T23:59:59+00:00"
generated_at: "2026-06-08T05:39:17.112671+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Phoenix Motor agrees $12M secured convertible note with 10% OID, floor conversion at $0.60

## Summary
- Issued execution warrant for 1M shares at $1.30 exercise price, 6-year term; closing warrant to be issued upon note funding.
- Note principal $12M, net proceeds $10.8M after 10% original-issue discount; interest Prime+4.75% (cash) or Prime+7.75% (stock).
- Funding conditioned on 10-day VWAP > $1.00 and daily volume > $150,000; note matures 18 months after issuance.
- Conversion price is greater of $0.60 floor or 87.5% of 7-day VWAP (capped at $0.80); prepayment allowed at 30% premium.
- Company must seek stockholder approval for share issuance beyond Nasdaq limits and file resale registration within 15 days.

## SEC filing metadata
- accession: 0001104659-23-116479
- form_type: 8-K
- ticker: PEVM
- cik: 0001879848
- company_name: PHOENIX MOTOR INC.
- filed_at: 2023-11-13T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1879848/000110465923116479/0001104659-23-116479-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1879848/000110465923116479/tm2330514d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-116479
- JSON: https://secwatch.observer/filing/0001104659-23-116479.json
- Plain text: https://secwatch.observer/filing/0001104659-23-116479.txt

## Key facts
- Debt Financings
  PHOENIX MOTOR INC. incurred convertible notes of $12 million with accredited investor at Prime Rate plus 4.75% per annum if paid in cash, or Prime Rate plus 7.75% per an maturing 18 months after the date of issuance.
  - Instrument: convertible notes
  - Principal: $12 million
  - Counterparty: accredited investor
  - Rate: Prime Rate plus 4.75% per annum if paid in cash, or Prime Rate plus 7.75% per an
  - Maturity: 18 months after the date of issuance
  - Event: incurrence
  source text: the Company agreed to issue and sell, in a private placement, subject to the satisfaction of certain closing conditions, a $12 million of principal amount of the Company's secured senior convertible promissory note (the " Note "), having an original issue discount of 10%, which upon closing will result in a net amount of $10.8 million of being purchased by the Investor.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1879848/000110465923116479/0001104659-23-116479-index.htm
- Material Agreements
  PHOENIX MOTOR INC. entered into Second Securities Purchase Agreement with the accredited investor named therein valued at $12 million (effective 2023-11-10).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: the accredited investor named therein
  - Value: $12 million
  - Effective: 2023-11-10
  source text: On November 10, 2023, Phoenix Motor Inc., a Delaware corporation (the “ Company ”), entered into that certain Second Securities Purchase Agreement, dated as of November 10, 2023 (the “ SPA ”), with the accredited investor named therein (the “ Investor ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1879848/000110465923116479/0001104659-23-116479-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.