EV maker Phoenix Motors files for U.S. IPO

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Nov 29 (Businesshala) – Phoenix Motors on Monday filed for an initial public offering in the United States, becoming the latest electric-vehicle (EV) maker to capitalize on a growing investor’s appetite for eco-friendly automobiles. Is.

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Phoenix Motors reveals its financials for the first time in its filing, disclosure of fall in revenue and extensive losses for the nine months ended September 2021.

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Founded in 2003, Phoenix launched its first electric drivetrain in 2009 and sold its first commercial EV shuttle bus in 2014.

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EV companies have emerged as some of the hottest investment targets since last year, as investors and lawmakers alike push for greater sustainability across businesses.

Earlier this month, Amazon-backed EV maker Rivian Automotive (RIVN.O) made its stock market debut in New York, with a market valuation of over $100 billion.

Maxim Group, Roth Capital Partners and EF Hutton are the underwriters for the Phoenix offering.

The company will be listed on the Nasdaq under the symbol “PEV”.

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Reporting by Manya Saini in Bengaluru; Editing by Vinay Dwivedi

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