Phoenix Motor Entered Into Standby Equity Purchase Agreement With YA II

PEV On November 22, 2022, Phoenix Motor Inc. (the “Company”) entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd. (“Yorkville”). Pursuant to the SEPA, the Company shall have the right, but not the obligation, to sell to Yorkville up to $10,000,000 of its shares of common stock, par value $0.0004 per share, at the Company’s request any time during the commitment period commencing on November 22, 2022 and terminating on the earliest of (i) the first day of the month following the 36-month anniversary of the SEPA and (ii) the date on which Yorkville shall have made payment of any advances requested pursuant to the SEPA for shares of the Company’s common stock equal to the commitment amount of $10,000,000.