---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-063157"
form_type: "8-K"
ticker: "PEVM"
cik: "0001879848"
company_name: "PHOENIX MOTOR INC."
filed_at: "2024-05-20T23:59:59+00:00"
generated_at: "2026-06-01T13:21:33.173417+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-24-063157
- form_type: 8-K
- ticker: PEVM
- cik: 0001879848
- company_name: PHOENIX MOTOR INC.
- filed_at: 2024-05-20T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1879848/000110465924063157/0001104659-24-063157-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1879848/000110465924063157/tm2414921d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-063157
- JSON: https://secwatch.observer/filing/0001104659-24-063157.json
- Plain text: https://secwatch.observer/filing/0001104659-24-063157.txt

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