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ANAHEIM, CA - Phoenix Motor Inc. (NASDAQ:PEV), a company specializing in electric vehicles and drive systems, announced today that it has postponed its Annual Meeting of Stockholders. The meeting was originally scheduled for this morning but has been delayed to a yet-to-be-determined future date. The announcement comes as the company’s stock has experienced significant volatility, dropping over 10% in the past week, though maintaining a notable YTD return of 100%, according to InvestingPro data.
The electric vehicle manufacturer stated that further details regarding the new meeting date and, if necessary, a new record date will be disclosed once available. This move comes without a specific reason for the postponement provided by the company.
Phoenix Motor operates under two primary brands: "Phoenix," focusing on commercial electric vehicles such as transit buses, shuttle buses, school buses, and delivery trucks, and "EdisonFuture," which targets the light-duty EV market. The company is recognized for its work in designing, developing, and manufacturing electric vehicles and associated technologies.
In the press release, Phoenix Motor included forward-looking statements, which are subject to risks, uncertainties, and assumptions that could affect the timing and impact of the rescheduled Annual Meeting of Stockholders. The company acknowledges that these factors could influence stockholder engagement and decision-making.
Investors are encouraged to stay informed about the company’s developments through its filings with the SEC, which provide more detailed information about Phoenix Motor and the potential risks associated with the forward-looking statements.
The announcement of the meeting’s postponement is based on a press release statement from Phoenix Motor Inc. The company has committed to providing updates on the situation as they become available.
In other recent news, Phoenix Motor Inc. has announced a significant partnership with Beijing Guorun Venture Capital Co., Ltd. to establish a 1 billion RMB (approximately USD 140 million) M&A investment fund. This fund is aimed at supporting the acquisition and development of electric vehicle manufacturing sites in China, marking a strategic move for the company’s subsidiary, EdisonFuture International Co., Ltd., to expand its manufacturing base. Additionally, Phoenix Motor has secured a $6 million loan from J.J. Astor & Co. to enhance its production capabilities, addressing the growing demand for electric transit buses. This loan will be disbursed in two tranches, with the initial $4 million already approved.
Phoenix Motor is also advancing its autonomous technology initiatives by launching a pilot program for autonomous delivery robots designed for package pickup and last-mile delivery. This program aims to integrate advanced technologies into compact, self-navigating robots, enhancing efficiency in e-commerce and local package delivery sectors. In another strategic partnership, Phoenix Motor has teamed up with Noodoe, a leader in AI-driven EV charging software, to drive advancements in zero-emissions electric transportation. The collaboration will leverage Phoenix Motor’s expertise in electric bus and medium-duty vehicle manufacturing with Noodoe’s innovative charging solutions.
Furthermore, Phoenix Motor has launched a wholly-owned subsidiary, EdisonFuture International Co., Ltd., in Hong Kong to expand its global presence. This move is part of the company’s strategy to tap into international markets such as Asia, Europe, and South America, utilizing international supply chains and financial networks. These recent developments underscore Phoenix Motor’s commitment to expanding its global footprint and advancing sustainable transportation solutions.
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