Phoenix Motor says Proterra acquisition financial statements filed April 10 are unreliable

PHOENIX MOTOR INC.

On April 30, 2024, management and audit committee determined Exhibits 99.1 and 99.2 from prior 8-K/A cannot be relied upon.
Proterra financials labeled audited but were unaudited due to disclaimer opinion from Ping Xie CPA LLC.
Balance sheet included significant assets not acquired and liabilities not assumed; revenue/expenses cannot be determined.
Pro forma financials did not apply purchase accounting per Article 11 of Regulation S-X.
Item 9.01(a) audited financials unavailable due to integrated Proterra data and lack of access; company cannot provide required statements.

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