Phoenix Motor Inc. entered into a $4,000,000 term loan facility with Concrete Jungle Ltd., evidenced by a $5,000,000 Senior Secured Term Loan Discount Note bearing 10.0% interest. The company also issued a common stock warrant to the lender to purchase 80,896 shares at $3.00 per share and granted an equity interest option for 49.0% of PhoenixEV.
