Phoenix Motor Inc. (PEVM)

Phoenix Motor Inc. is an electric vehicle company based in Anaheim, California. It is a majority-owned subsidiary of SPI Energy Co., Ltd., a solar and electric vehicle holding company, and its operations grew out of Phoenix Cars, an electric shuttle bus builder. Phoenix Motor completed an initial public offering on Nasdaq in June 2022 under the symbol PEV.

The company designed and assembled medium-duty electric vehicles such as shuttle buses and school buses, and it sold electrification solutions for medium- and heavy-duty fleets. In 2024 it expanded by acquiring the transit bus business of Proterra, which had gone through Chapter 11 reorganization, and so added heavy-duty transit buses to its product range. It operated two brand groups, Phoenix, for commercial electric vehicles, and EdisonFuture, which planned light-duty electric vehicles.

The electric commercial vehicle sector is capital intensive, and Phoenix reported continuing net losses. Revenue depended on a limited number of customers and government-funded purchasing programs. The company also dealt with the integration of the acquired Proterra transit assets and with financing needs, and its stock traded at low prices.

On April 15, 2025, Phoenix announced that Nasdaq had suspended trading in its shares. Two deficiencies were cited, the failure to maintain the $1.00 minimum bid price and the failure to hold an annual meeting of shareholders during 2024. The company said it would request a hearing before a Nasdaq Hearings Panel to appeal and that it planned to hold its annual meeting on April 18, 2025.

The company's board recommended a reverse stock split in a ratio between 1-for-1.5 and 1-for-5 as a means of regaining compliance with the bid price requirement. The shares moved to the over-the-counter market while the process continued. The over-the-counter symbol later appeared as PEVM, the ticker listed in the SEC notice, after the company's former ticker, PEV.

Nasdaq filed a Form 25 with the SEC on November 14, 2025 to remove the stock from listing and registration, and that removal normally takes effect ten days after filing. The delisting was driven by listing-rule noncompliance, not by an acquisition, merger, or bankruptcy, so no cash or stock consideration was paid to shareholders, and no successor company was created.

Nasdaq's Capital Market rules require a company to hold an annual meeting of shareholders no later than one year after the end of its fiscal year. A company that fails to do so receives a deficiency notice and may submit a plan to regain compliance. The bid price requirement can similarly be addressed through a reverse stock split, but the time to cure these matters is limited, and the failure to cure them in time led to Phoenix's suspension.