IPOS - SPI Energy EV unit Phoenix Motor sets terms for $20M IPO

SPI Energy (NASDAQ:SPI) subsidiary Phoenix Motor (PEV), a developer of EV vehicles and drivetrains, has set terms for a $20M initial public offering. The EV company said in a filing that it plans to offer 4M units priced in the range of $4 to $6 per unit. Each unit will consist of one share plus one warrant to purchase one share at the IPO unit price. Underwriters will be granted a 45-day option to buy up to 600K additional units to cover any overallotments. The company plans to list its shares on the Nasdaq under the symbol PEV. Maxim Group, Roth Capital Partners and EF Hutton are serving as lead bookrunners on the deal. Phoenix Motor designs and sells light to medium duty EVs, including vans, buses and forklifts. It also sells EV drivetrain kits that can be integrated into vehicles such as the Ford Econoline E-Series van. Following the

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SPI Energy EV unit Phoenix Motor sets terms for $20M IPO