US IPO Weekly Recap: Electric Vehicle Spin-off Debuts in a 1 IPO Week

Renaissance Capital2022-06-11

There was one small IPO this past week. One SPAC also priced, the first in nearly a month. Two IPOs and one SPAC submitted initial filings.

SPI Energy spin-off Phoenix Motor(PEV) downsized and priced within the range to raise $16 million at a $155 million market cap. Operating under the Phoenix Motorcars name, the company makes electric drive systems and electric vehicles, and markets and sells EV chargers. The company is highly unprofitable and has yet to generate significant revenues. Bucking the recent pop-and-drop trend, Phoenix Motor plunged 46% on its first day.

SPAC Acri Capital Acquisition (ACACU) raised $75 million to target technology-enabled sectors in North America.

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