Phoenix Motor Inc (PEV) Announces $5M Share Buyback

Phoenix Motor Inc. (NASDAQ: PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced that its Board of Directors has authorized a share repurchase program under which the Company may repurchase up to $5 million of its outstanding common stock.

"We believe that our current share price does not fully reflect the underlying value and long-term prospects of Phoenix Motor," said Denton Peng, CEO of Phoenix Motor. "This share repurchase program reaffirms our confidence in the business and our commitment to enhancing shareholder value while maintaining a disciplined approach to capital allocation."

Under the repurchase program, Phoenix may buy back shares from time to time through open market purchases, privately negotiated transactions, or other means, in accordance with applicable securities laws. The timing and actual number of shares repurchased will depend on a variety of factors, including market conditions, share price, and corporate and regulatory considerations.

The program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended, or terminated at any time at the Company's discretion.

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