Phoenix Motor Inc. Amends 8-K Filing
Ticker: PEVM · Form: 8-K/A · Filed: Oct 1, 2024 · CIK: 1879848
| Field | Detail |
|---|---|
| Company | Phoenix Motor Inc. (PEVM) |
| Form Type | 8-K/A |
| Filed Date | Oct 1, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0004 |
| Sentiment | neutral |
Sentiment: neutral
Topics: amendment, financial-restatement, disclosure
TL;DR
Phoenix Motor Inc. is correcting past financial statements, potentially a big deal for investors.
AI Summary
Phoenix Motor Inc. filed an amendment (Amendment No. 2) to its Form 8-K on October 1, 2024, regarding events that occurred on January 11, 2024. This filing pertains to the non-reliance on previously issued financial statements or related audit reports. The company is incorporated in Delaware and its principal executive offices are located in Anaheim, California.
Why It Matters
This amendment indicates a potential issue with previously reported financial data, which could impact investor confidence and the company's financial reporting integrity.
Risk Assessment
Risk Level: medium — Amendments related to financial statements often signal underlying accounting issues or restatements, which can create uncertainty for investors.
Key Players & Entities
- Phoenix Motor Inc. (company) — Registrant
- January 11, 2024 (date) — Date of earliest event reported
- October 1, 2024 (date) — Filing date of the amendment
- Delaware (jurisdiction) — State of incorporation
- Anaheim, CA (location) — Address of principal executive offices
FAQ
What specific financial statements are being addressed in this amendment?
The filing indicates a non-reliance on previously issued financial statements or a related audit report or completed interim review, but does not specify which particular statements are affected in this excerpt.
When was the original event that triggered this 8-K filing?
The earliest event reported occurred on January 11, 2024.
What is the filing date of this amendment?
This amendment (Form 8-K/A) was filed as of October 1, 2024.
What is the primary reason for filing this amended 8-K?
The amendment is filed because the company is no longer relying on previously issued financial statements or a related audit report or completed interim review.
Where are Phoenix Motor Inc.'s principal executive offices located?
The principal executive offices are located at 1500 Lakeview Loop, Anaheim, CA 92807.
Filing Stats: 1,029 words · 4 min read · ~3 pages · Grade level 13.9 · Accepted 2024-10-01 15:19:11
Key Financial Figures
- $0.0004 — ch registered Common Stock, par value $0.0004 per share PEV The Nasdaq Stock Mark
Filing Documents
- form8-ka.htm (8-K/A) — 43KB
- 0001493152-24-039002.txt ( ) — 218KB
- pev-20240111.xsd (EX-101.SCH) — 3KB
- pev-20240111_lab.xml (EX-101.LAB) — 33KB
- pev-20240111_pre.xml (EX-101.PRE) — 24KB
- form8-ka_htm.xml (XML) — 4KB
financial statements and pro forma financial information required by Item 9.01(a) and 9.01(b) of Form 8-K
financial statements and pro forma financial information required by Item 9.01(a) and 9.01(b) of Form 8-K. The Company has determined that Exhibit 99.1 filed with the Amended Current Report titled "Audited financial statements of the Proterra Transit and Battery Leasing Business for the years ended December 31, 2023 and December 31, 2022" (the "Proterra financial on the Proterra financial statements. However, the Proterra financial statements were mistakenly labeled as "audited" when they should have been labeled as "unaudited". In addition, due to the reasons described below, the Company does not have the information to properly prepare carved-out financial statements of the business that was acquired. The balance sheet that was presented included significant assets that were not acquired and liabilities that were not assumed. Further, the Company cannot determine if the In addition, the Company has determined that Exhibit 99.2 filed with the Amended Current Report titled "Unaudited Pro Forma Condensed Combined Balance Sheet of Phoenix Motor Inc. as of December 31, 2023 and Unaudited Pro Forma Condensed Combined Statements of Income for the years ended December 31, 2023 and December 31, 2022" is also incorrect as such financials incorrectly reflected significant assets that were not acquired and liabilities that were not assumed and did not reflect the application of purchase accounting as required by Article 11 of Regulation S-X. As the Company cannot determine if the historical statement of operations properly reflects the revenue and expense of the business that was acquired, it cannot properly prepare the pro forma condensed combined statements of income. Due to the errors noted above, on April 30, 2024, management of the Com
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: October 1, 2024 PHOENIX MOTOR INC. By: /s/ Xiaofeng Denton Peng Name: Xiaofeng Denton Peng Title: Chief Executive Officer and Chairman of the Board 3