Phoenix Motor Inc. announced that it has entered Securities Purchase Agreements with four accredited investors to issue an aggregate of 3,478,260 common shares at a purchase price of $1.15 per share and common stock purchase warrants to purchase up to 13,913,043 shares of common stock, exercisable at $2.00 per share for the gross proceeds of $3,999,999 on January 11, 2024. The Warrants are immediately exercisable, in whole or in part, for a term of five years following issuance and may be exercised on a cashless basis if a resale registration statement is not then effective and available for the resale of the Warrant Shares. The Securities are not registered under the Securities Act of 1933, as amended and were offered and sold in a private placement pursuant to an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder.