Phoenix Motor Inc. (PEV) has released an update to notify the public and investors about the unregistered sales of equity securities.
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The Securities are being offered and sold through a private placement, exempt from the registration requirements of the Securities Act of 1933, as they fall under an exemption specified in Section 4(a)(2) and/or Regulation D of the Act.
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For a comprehensive understanding of the announcement, you can read the full document here.