Phoenix Motor settles $1.69M vendor payables with 1.37M common shares at $1.24/share

Pursuant to the First Service Agreement, the parties concurrently entered into a purchase agreement (the “First UAE Purchase Agreement”) providing for the payment of $317,906 due to UAE by the issuance of 256,666 Shares of Common Stock to UAE, for an aggregate purchase price of $317,906, or $1.24 per share.

On December 29, 2023, EF entered into a service agreement (the “First Service Agreement”) with Ultimate Automotive Engineering Inc., a California corporation (“UAE”), with respect to certain maintenance and support to be provided by UAE, and disputes between the Company, EF and UAE with respect to the performance by UAE and the payment by the Company and EF to UAE for services thereunder.

On December 29, 2023, EF entered into a second service agreement (the “Second Service Agreement”) with UAE with respect to certain maintenance and support to be provided by UAE, and with respect to the performance by UAE and the payment by the Company and EF to UAE for services thereunder.

The Company, and its wholly-owned subsidiary, EdisonFuture Motor Inc. (“EF”), entered into a settlement agreement (the “IAT Settlement Agreement”) with IAT Automobile Design LLC, a California limited liability company (“IAT”), with respect to the previous contract between the Company, EF and IAT for the design of certain electric vehicles (the ‘Model Development Agreement”) and disputes between the Company, EF and IAT with respect to the performance by IAT and the payment by the Company and EF for services thereunder.

Pursuant to the IAT Settlement Agreement, the parties concurrently entered into a purchase agreement (the “IAT Purchase Agreement”) providing for the payment of $952,606 due to IAT by the issuance of 769,099 Shares of the Company’s Common Stock to IAT, for an aggregate purchase price of $952,606, or $1.24 per share.