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Phoenix Motor Stock Falls After IPO

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Anaheim electric vehicle maker Phoenix Motor Inc. (Nasdaq: PEV) has seen its downsized IPO fail to generate immediate interest on Wall Street.

The maker of electric-powered school buses, trucks, and other commercial vehicles saw its stock begin trading on June 8, at a price of $7.50 a share.

The IPO raised some $16 million in proceeds for the company. It was the only IPO to hit the market on a major exchange last week, according to IPO tracker Renaissance Capital.

As of mid-day Monday, shares were trading around $3, giving Phoenix a valuation of around $60 million.

The company is a unit of SPI Energy (Nasdaq: SPI), which still counts a majority stake in the business.

For more on Phoenix Motor, see the May 30 print edition of the Business Journal.

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