SPI - EV maker Phoenix Motor stock rallies 45% but still trading 34% below IPO price

Newly public EV maker Phoenix Motor (NASDAQ:PEV) saw its stock rocket 45% on Wednesday, but the shares are still trading about 34% below their initial public offering price. Shares of Phoenix, which is a spinout of SPI Energy (SPI), opened at $3.51, recently changing hands at $4.97, up 45%, at approximately 10:45 a.m. ET. The company went public on June 8 following a downsized $16M initial public offering of 2.1M shares priced at $7.50 per share. Phoenix (PEV) is a maker of EV drive trains, chargers and light-to-medium duty EVs. The company operates two brands: Phoenix Motorcars for medium duty EVs, EV forklifts and chargers, and EdisonFuture, which is focused on developing lighter duty EVs. For a more in-depth look at Phoenix Motor (PEV), check out SA contributor Bamboo Works’ “China-Led Phoenix Motor Sputters with Watered Down US Listing Plan”.

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EV maker Phoenix Motor stock rallies 45%, but still trading 34% below IPO price