Phoenix Motor suspends CEO Peng over unauthorized $14.98M guarantee to SPI Energy

PHOENIX MOTOR INC.

Board formed special committee to investigate CEO Xiaofeng Denton Peng for breach of fiduciary duty.
Allegations include unauthorized guarantee of $14.98M debt of SPI Energy (Nasdaq: SPI) where Peng is also CEO.
Board suspended Peng as CEO immediately pending outcome of investigation.
Former CFO J. Mark Hastings appointed interim CEO until investigation concludes.
Board states transaction harms Company and minority shareholders.

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