secwatch.observer — SEC 8-K summary
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Issuer:     PHOENIX MOTOR INC. (PEVM)
CIK:        0001879848
Form:       8-K
Filed at:   2023-11-13T23:59:59+00:00
Accession:  0001104659-23-116479
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1879848/000110465923116479/0001104659-23-116479-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1879848/000110465923116479/tm2330514d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-116479

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