- Phoenix Motor Inc (NASDAQ:PEV) has priced its initial public offering of 2.1 million shares at $7.50 per share.
- The offer price falls around the low end of its predicted range of $7 – $9 per share.
- Phoenix Motor is a California-based company that designs, assembles, and integrates electric drive systems and light and medium-duty electric vehicles.
- The company aims to raise $15.8 million before deducting underwriting discounts and commissions and offering expenses.
- The shares have been approved for listing on the Nasdaq capital market and will commence trading on June 8, 2022, under the ticker symbol “PEV.”
- Phoenix has granted the underwriters an option to purchase up to an additional 0.3 million shares at the offer price.
- The offering is expected to close on June 10, 2022.
Why Snap Shares Are Falling
Snap Inc (NYSE: SNAP) shares are trading lower by 3.3% at $80.43 amid overall market weakness as technology and growth stocks dip on a rise in the 10-year treasury yield.
