Company: PTHL
Filing Date: 2025-12-05
Form Type: 6-K
Source: 0001213900-25-118724
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Company: Pheton Holdings Ltd
Filing Date: 2025-12-05
Form: 6-K
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<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of December 2025

Commission File Number: 001-42263

Pheton Holdings Ltd

Room 306, NET Building,

Hong Jun Ying South Road, Chaoyang District,

Beijing, China

(Address of principal executive office)</div>

Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:

<div align='center'>Form 20-F ☒
Form 40-F ☐</div>

Information Contained in this Form 6-K Report

Reference is made to the Report on Form 6-K furnished
by Pheton Holdings Ltd (the “Company”) on August 29, 2025 (the “Prior 6-K”), which announced that the Company
entered into a Stock Purchase Agreement (the “SPA”) with iTonic Corporation (“Target”) and certain shareholders
of the Target (the “Selling Shareholders”), pursuant to which the Company agreed to acquire, and the Selling Shareholders
agreed to sell, 51% of the total outstanding shares of the Target (the “Share Acquisition”). As disclosed in the Prior 6-K,
as consideration for the Share Acquisition, the Company agreed to issue to the Selling Shareholders (i) 4,000,000 newly issued Class A
ordinary shares of the Company, subject to release from lock-up upon the achievement of agreed-upon performance milestones set forth in
the SPA, and (ii) warrants to purchase up to 3,000,000 Class A ordinary shares of the Company (the “Warrants”), which were
likewise subject to milestone-based exercisability.

On September 28, 2025, the Company, the Selling
Shareholders, and the Target entered into Amendment No. 1 to the SPA (the “Amendment”), which modified certain terms of the
Share Acquisition.

The Share Acquisition closed on November 25, 2025
(“Closing”). At Closing, the Selling Shareholders transferred their equity interests to the Company, and the Target recorded
the Company as the holder of such interests. Concurrently, the Company issued Warrants to