PHOENIX MOTOR INC. (PEVM): M&A transaction — Phoenix Motor closes $3.5M Proterra Transit acquisition and raises $4M in PIPE

PHOENIX MOTOR INC.

Entered securities purchase agreements for 3,478,260 shares at $1.15 and warrants for up to 13,913,043 shares at $2.00, raising ~$4M gross.
Completed acquisition of Proterra Transit business unit for $3.5M on Jan 11, 2024, after bankruptcy court approval.
Acquisition adds full-size electric transit buses to Phoenix's existing medium-duty shuttle bus lineup.
Proceeds from private placement used in part for the acquisition and for working capital.
Battery lease agreement closing expected on or about Jan 23, 2024.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

PHOENIX MOTOR INC. completed an acquisition involving Proterra, Inc. and its subsidiary, Proterra Operating Company, Inc. for $3.5 million (closed 2024-01-11).

Action: acquisition
Counterparty: Proterra, Inc. and its subsidiary, Proterra Operating Company, Inc.
Consideration: $3.5 million
Closing: 2024-01-11

Exact text from the filing

On January 11, 2024, the Company completed the acquisition of the Proterra Transit Business Unit for a purchase price of $3.5 million.

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PHOENIX MOTOR INC. filing history →

Source: SEC EDGAR

accession 0001104659-24-004512

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