Phoenix Motor Inc. Announces Pricing for Initial Public Offering of $15,750,000

ANAHEIM, California, June 8, 2022–(BUSINESS WIRE)–Phoenix Motor Inc. (“Phoenix” or the “Company”) (NASDAQ: PEV), a California-based company that designs, assembles and integrates electric drive systems and light and medium electric vehicles (“VE “), today announced the price of its initial public offering (the “Offering”) of 2,100,000 shares of common stock (the “Shares”) at a public offering price of $7.50 per share, for aggregate gross proceeds of US$15,750,000 before deduction of discounts and underwriting fees and offering costs. The Offer is made on the basis of a firm commitment. The shares have been approved for listing on the Nasdaq Capital Market and are expected to begin trading on June 8, 2022, under the symbol “PEV”.

The Company has granted the underwriters an option, exercisable within 30 days of the closing of the Offering, to purchase up to 315,000 additional Shares at the public offering price to cover the over-allotment, if any, less underwriting discounts and commissions.

The offering is expected to close on June 10, 2022, subject to customary closing conditions.

Prime Number Capital LLC acts as sole bookrunner and representative of underwriters. Revere Securities LLC and Westpark Capital, Inc. are acting as co-managers of the Offering. Loeb & Loeb LLP is acting as legal counsel to the Company and Robinson & Cole LLP is acting as legal counsel to Prime Number Capital LLC.

The Company intends to use the net proceeds of this offering primarily to invest in its technology, research and development efforts, manufacturing, marketing, maintaining and expanding its intellectual property portfolio, as well as for working capital and other general corporate purposes.

A registration statement on Form S-1 (File No. 333-261384) relating to the offering has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on June 7, 2022. The offering is being made only by means of a prospectus, forming part of the registration statement. Copies of the offering prospectus may be obtained, when available, from Prime Number Capital LLC by email at In addition, a copy of the final prospectus relating to the offering may be obtained through the SEC’s website at

Before investing, you should read the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, and there will be no sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or territory.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicle (“EV”) industry, through its wholly-owned subsidiaries, designs, assembles and integrates electric drive systems and light, medium and markets and sells electric vehicle chargers for commercial and residential markets. Phoenix operates two primary brands, “Phoenix Motorcars“focused on commercial products, including medium-duty electric vehicles, chargers and electric forklifts, and”EdisonFuturewhich intends to offer lightweight electric vehicles. As a pioneer in electric vehicles, the company delivered its first commercial electric vehicle in 2014 and deployed the first-ever zero-emission airport shuttle at the international airport of Los Angeles (“LAX”), and the LAX fleet has grown to 39 electric shuttles, one of the largest of its kind. Los Angeles Air Force Base in El Segundo and NASA’s Jet Propulsion Laboratory in Pasadena, California , are among the company’s customers for the company’s first-generation E-Series Zeus electric vehicles.Phoenix intends to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. For more information, please visit: and

Forward-looking statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements other than statements of historical fact. Where the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate” or similar expressions that do not relate solely to historical matters, it makes forward-looking statements. Specifically, the Company’s statements regarding trading on the NASDAQ Capital Market and the closing of the Offer are forward-looking statements. There can be no assurance that the net proceeds of the Offering will be used as stated. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations described in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the company’s product development schedule and expected start of production; the development of competitive trucks and vans manufactured and sold by the Company’s competitors and the industry’s leading vehicle manufacturers; the Company’s ability to scale profitably; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain financing for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial condition, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe the rights of others; and other risks contained in the Company’s filings with the SEC. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Other factors are discussed in the Company’s filings with the SEC, which may be viewed at The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof.

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For more information please contact:


Prime Number Capital LLC
Ms. Xiaoyan Jiang, President
Telephone: 516-582-9666

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