Phoenix Motor Inc. announced that it has entered into a Securities Purchase Agreement with an accredited investor to issue 600,000 shares at an issue price of $1.13 per share for the gross proceeds of $678,000 and 600,000 warrants to purchase of common stock warrants exercisable at $1.13 per share on January 4, 2024. The Securities are not registered under the Securities Act of 1933, as amended (the ? Securities Act ?), and are being offered and sold in a private placement pursuant to an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder.

The transaction is expected to close on January 25, 2024.