PHOENIX MOTOR INC (NASDAQ:PEV) opened up its shares for public trading for the first time since it filed for IPO in November 2021. The company agreed to initially offer 2.10 million shares to the public at a $7.50 per share. On its first day of trading, the stock decreased 37.54% from its opening price of $6.5 to its closing price of $4.06.
PHOENIX MOTOR INC Performance On First Day of Trading
About PHOENIX MOTOR INC and It's IPO
Phoenix Motor Inc., doing business as "Phoenix Motorcars" through its wholly owned subsidiaries, Phoenix Cars LLC, Phoenix Motorcars Leasing LLC, and EdisonFuture Motor, Inc., currently designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles ("EVs") and markets and sells electric vehicle chargers for the commercial and residential markets
For its IPO, PEV agreed to offer 2.10 million shares at a price of $7.50 per share, with an insider lock-up period of 180 days, ending on December 05, 2022.
An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.
Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.