IPOS - SPI Energy's EV spinout Phoenix Motor updates IPO terms switches underwriters
EV maker Phoenix Motor (PEV), a subsidiary of SPI Energy (SPI), has made changes to its proposed initial public offering, including dropping its previously disclosed pricing range and switching underwriters. In its latest amended filing, Phoenix said it intends to offer 4M shares, but didn’t state the price range. However, an attached table related to the deal’s filing fees indicates the company intends to price the deal up to $6 per share to raise around $24M. A filing made in early February stated that Phoenix planned to offer 4M units priced in the range of $4 to $6, which would have raised $20M if priced at the midpoint. Each unit would have consisted of one share plus one warrant to purchase one share at the IPO price. Phoenix also changed underwriters. In the February filing, Phoenix said that Maxim Group, Roth Capital Partners and EF Hutton were serving as lead
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SPI Energy's EV spinout Phoenix Motor updates IPO terms, switches underwriters