Phoenix Motor to Acquire Global Electric Transportation

TL;DR

Phoenix Motor is buying GET to boost its EV game. Deal expected Q3.

AI Summary

Phoenix Motor Inc. announced on May 20, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests of Global Electric Transportation (GET). The acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions. This move aims to expand Phoenix Motor's product offerings and market reach in the electric vehicle sector.

Why It Matters

This acquisition could significantly expand Phoenix Motor's market presence and product portfolio in the growing electric vehicle industry.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies.

Key Players & Entities

• Phoenix Motor Inc. (company) — Registrant
• Global Electric Transportation (GET) (company) — Target of acquisition
• Delaware (jurisdiction) — State of incorporation
• May 20, 2024 (date) — Date of earliest event reported
• Q3 2024 (date) — Expected closing quarter for acquisition

FAQ

Key Financial Figures

• $0.0004 — ch registered Common Stock, par value $0.0004 per share PEV The Nasdaq Stock Mark

Filing Documents

• tm2415122d1_8k.htm (8-K) — 27KB
• 0001104659-24-063916.txt ( ) — 197KB
• pev-20240520.xsd (EX-101.SCH) — 3KB
• pev-20240520_lab.xml (EX-101.LAB) — 33KB
• pev-20240520_pre.xml (EX-101.PRE) — 22KB
• tm2415122d1_8k_htm.xml (XML) — 4KB

01. Other Events

Item 8.01. Other Events. As previously disclosed, on May 16, 2024, holders of a majority of the outstanding aggregate voting stock of Phoenix Motor Inc. (the "Company") adopted resolutions by written consent in lieu of a meeting that was delivered to the Company's board of directors on May 16, 2024, effectuating (i) the removal of John F. Perkowski, Steven E. Stivers, Sam Van, Kristine Chen and Steven Li from the board of directors of the Company and (ii) electing Julia Yu, Yongmei (May) Huang and James Young as members of the board of directors of the Company. Previously Filed Unauthorized Form 8-K On May 20, 2024, a Form 8-K with a Date of Report of May 17, 2024 (the "Unauthorized Form 8-K") and signed by J. Mark Hastings, who previously resigned as Chief Financial Officer of the Company effective as of April 10, 2024, was filed with the Securities and Exchange Commission (the "Commission"), purportedly on behalf of the Company. However, the current and legally designated management of the Company (the "Management") had no knowledge of such Unauthorized Form 8-K, and was unaware of its existence until reviewing the same upon its filing with the Commission. Management disavows the Unauthorized Form 8-K, including the substance and legal efficacy of all assertions made therein. Mr. Xiaofeng Denton Peng remains the Chairman and Chief Executive Officer of the Company. Mr. Hastings has no position or responsibilities at the Company and, therefore, does not have any authority to act on behalf of the Company. Management believes that the purported actions or events described in the Unauthorized Form 8-K are not legally valid, and that the person or persons who filed, or who participated in or directed the filing of, such Unauthorized Form 8-K were not legally entitled to do so under the federal securities laws. The Company encourages all stakeholders to seek accurate information from the Company's official communications channels and refrain from acting on unauth

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: May 21, 2024 PHOENIX MOTOR INC. By: /s/ Xiaofeng Denton Peng Name: Xiaofeng Denton Peng Title: Chief Executive Officer and Chairman of the Board 3

View Full Filing

View this 8-K filing on SEC EDGAR