Phoenix Motorcars Signs Non-Binding Convertible Bond Term Sheet to Fund Potential EV Asset Acquisition
- Potential acquisition opportunity with $300 million in funding
- None.
Asset Package would further bolster the Company's leadership position in the commercial EV sector
ANAHEIM, CA / ACCESSWIRE / October 2, 2023 / Phoenix Motor Inc. (NASDAQ:PEV) ("Company" or "Phoenix"), a leader in manufacturing of all-electric, medium-duty commercial vehicles, today announced that the Company has signed a non-binding convertible bond term sheet providing for up to
The Company expects to provide additional details regarding the potential acquisition only if and when a definitive agreement is executed. Completion of any financing or acquisition of assets is subject to, among other matters, the completion of due diligence, the negotiation of definitive agreements providing for the financing or acquisition, satisfaction of the conditions negotiated therein, including approval of the boards of both companies, as well as regulatory approvals. Accordingly, there can be no assurance that the parties will successfully negotiate and enter into a definitive agreement for the financing or acquisition, or that the financing or acquisition will be consummated on the terms or timeframe currently contemplated, or at all.
About Phoenix Motor Inc.
Phoenix Motor Inc., a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, "Phoenix Motorcars", which is focused on commercial products including medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others), electric vehicle chargers and electric forklifts, and "EdisonFuture", which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. For more information, please visit: www.phoenixmotorcars.com.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the signing of definitive agreements for any financing or acquisition, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 20-F filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
Investor Relations:
Mark Hastings, Senior Vice President of Corporate Development & Strategy/Head of Investor Relations
marketing@phoenixmotorcars.com
SOURCE: Phoenix Motorcars Inc.
View source version on accesswire.com:
https://www.accesswire.com/788856/phoenix-motorcars-signs-non-binding-convertible-bond-term-sheet-to-fund-potential-ev-asset-acquisition
