Phoenix Motors disclosed its finances for the first time in its
filing, revealing a fall in revenue and wider losses for the
nine months ended September 2021.
Phoenix, founded in 2003, launched its first electric drivetrain
in 2009 and sold its first commercial EV shuttle bus in 2014.
EV companies have emerged as some of the hottest investment
targets since last year, as investors and lawmakers alike push
for more sustainability in businesses.
Earlier this month, Amazon-backed EV maker Rivian Automotive
made its stock market debut https://www.reuters.com/business/autos-transportation/ev-maker-rivian-set-high-profile-market-debut-after-mammoth-ipo-2021-11-10
in New York, fetching a market valuation of more than $100
billion.
Maxim Group, Roth Capital Partners and EF Hutton are the
underwriters for Phoenix's offering.
The company will be listed on the Nasdaq under the symbol "PEV."
(Reporting by Manya Saini in Bengaluru; Editing by Vinay
Dwivedi)
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