Phoenix Motor Inc. (NasdaqCM:PEV) entered into an asset purchase agreement to acquire Transit business line of Proterra Inc. for $10 million on November 13, 2023. Under the Purchase Agreement, the total cash consideration to be paid by Phoenix for the Proterra Transit business assets will be $10 million, consisting of $3.5 million for the Proterra Transit operating company and $6.5 million for the Proterra battery lease assets. In addition, Phoenix will pay certain cure payments and assume other liabilities, primarily warranties.

The companies will seek U.S. Bankruptcy Court approval for the sale on November 28, 2023, and, if approved, plan to close as soon as is reasonably practical thereafter. Moelis & Company (NYSE:MC) acted as financial advisor, FTI Consulting, Inc. (NYSE:FCN) acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Proterra Inc. (OTCPK:PTRA.Q).