Phoenix Motorcars Announces Successful Bid For The Proterra Transit Business; Total Cash Consideration To Be Paid By Phoenix For The Proterra Transit Business Assets Will Be $10M
Portfolio Pulse from Benzinga Newsdesk
Phoenix Motor Inc. (NASDAQ:PEV) has won the bid to acquire the Proterra Transit business from Proterra Inc. for a total cash consideration of $10 million. This acquisition will expand Phoenix's product line to include full-size transit buses, complementing its medium-duty offerings. The deal is subject to U.S. Bankruptcy Court approval, with a hearing scheduled for November 28, 2023. Phoenix will also release its Q3 2023 earnings and host a webcast for investors today.
November 14, 2023 | 9:58 pm
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Phoenix Motor Inc. (NASDAQ:PEV) is set to acquire Proterra Transit, enhancing its product range with full-size buses and potentially increasing market share in the electric vehicle sector. The acquisition is pending court approval, and the company is releasing its Q3 earnings today.
The acquisition of Proterra Transit is likely to be viewed positively as it expands Phoenix's product line and market presence in the electric vehicle industry. The timing of the Q3 earnings release on the same day as the acquisition announcement could further influence the stock price if the earnings are favorable. However, the deal's finalization is contingent on court approval, introducing an element of uncertainty.
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