Phoenix Motor (NASDAQ:PEV) stock is on the move Monday after the electric vehicle (EV) company announced plans for an asset acquisition.
A press release from Phoenix Motor notes that the company is preparing for a potential EV asset acquisition, for it has submitted an Indication of Interest. To facilitate this transaction, the company needs additional funds.
Phoenix Motor notes that it has signed a non-binding convertible bond term sheet with an investor based out of California. This would provide the company with $300 million to fund its EV asset acquisition.
Phoenix Motor doesn’t provide exact details on the EV asset purchase plan. Instead, the company says it will hold off on providing more information when or if the deal goes through. Until then, traders of PEV stock will want to keep a close eye on the company.
What to Know About PEV Stock
PEV is technically a penny stock with its low trading volume, market capitalization and price. That means it can sometimes be subjected to extreme volatility. For example, the company’s shares are down 11.9% as of Monday morning.
As for stock activity on Monday, some 4,000 shares of PEV have changed hands. That’s still a ways off from its daily average trading volume of about 54,000 shares.
Investors seeking out even more of the most recent stock market news today will want to keep reading!
InvestorPlace is home to all of the biggest stock market stories that traders need to know about on Monday! A few examples include what’s happening with shares of Coinbase (NASDAQ:COIN), Intelligent Bio Solutions (NASDAQ:INBS) and SmileDirectClub (NASDAQ:SDC) stock today. All of that info is available at the following links!
More Stock Market News for Monday
- Coinbase (COIN) Stock Pops 5% on Singapore License News
- Why Is Intelligent Bio Solutions (INBS) Stock Down 52% Today?
- Why Is SmileDirectClub (SDC) Stock Down 54% Today?
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
