---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-004512"
form_type: "8-K"
ticker: "PEVM"
cik: "0001879848"
company_name: "PHOENIX MOTOR INC."
filed_at: "2024-01-17T23:59:59+00:00"
generated_at: "2026-06-06T22:46:08.040896+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Phoenix Motor closes $3.5M Proterra Transit acquisition and raises $4M in PIPE

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-24-004512
- form_type: 8-K
- ticker: PEVM
- cik: 0001879848
- company_name: PHOENIX MOTOR INC.
- filed_at: 2024-01-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1879848/000110465924004512/0001104659-24-004512-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1879848/000110465924004512/tm242359d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-004512
- JSON: https://secwatch.observer/filing/0001104659-24-004512.json
- Plain text: https://secwatch.observer/filing/0001104659-24-004512.txt

## Key facts
- M&A Transactions
  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
  source text: On January 11, 2024, the Company completed the acquisition of the Proterra Transit Business Unit for a purchase price of $3.5 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1879848/000110465924004512/0001104659-24-004512-index.htm

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