# EDGAR Filing Document

**Accession Number:** 0001354457
**File Stem:** 0001354457-25-001132
**Filing Date:** 2025-11
**Character Count:** 6076
**Document Hash:** 40de655e340e840d429918d1423a3a9c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001354457-25-001132.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001354457-25-001132

**CONFORMED SUBMISSION TYPE**: 25-NSE

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PHOENIX MOTOR INC.
- **CENTRAL INDEX KEY:** 0001879848
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCK & BUS BODIES [3713]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 25-NSE
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41414

**BUSINESS ADDRESS:**
- **STREET 1:** 401 SOUTH DOUBLEDAY AVENUE
- **CITY:** ONTARIO
- **STATE:** CA
- **ZIP:** 91761
- **BUSINESS PHONE:** 909-987-0815

**MAIL ADDRESS:**
- **STREET 1:** 401 SOUTH DOUBLEDAY AVENUE
- **CITY:** ONTARIO
- **STATE:** CA
- **ZIP:** 91761
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nasdaq Stock Market LLC
- **CENTRAL INDEX KEY:** 0001354457

**ORGANIZATION NAME:**
- **EIN:** 521165937
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 25-NSE

**BUSINESS ADDRESS:**
- **STREET 1:** One Liberty Plaza
- **CITY:** New York
- **STATE:** NY
- **ZIP:** 10006
- **BUSINESS PHONE:** 301-978-4144

**MAIL ADDRESS:**
- **STREET 1:** Office of General Counsel
- **STREET 2:** 805 King Farm Blvd.
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** The Nasdaq Stock Market LLC
- **DATE OF NAME CHANGE:** 20060224

## Exhibit 99.25

```

Delisting Determination, The Nasdaq Stock Market, LLC, November 7, 2025,
Phoenix Motor Inc.
The Nasdaq Stock Market LLC (the Exchange) has determined to remove
from listing the common stock of Phoenix Motor Inc. effective at the
opening of the trading session on November 24, 2025. Based on review
of information provided by the Company, Nasdaq Staff
determined that the Company no longer qualified for listing on the
Exchange pursuant to Listing Rule 5550(a)(2).The Company was
notified of the Staff determination on April 8, 2025.
On April 15, 2025 the Company exercised its right to appeal
the Staff determination to the Listing Qualifications Hearings
Panel (Panel) pursuant to Listing Rule 5815.
The Nasdaq Listing Qualifications Staff notified the Company
of an additional Listing Rule violation on April 30, 2025.
The Company was in violation of Listing Rule 5250(c)(1).
On June 6, 2025 the Panel reached a
decision and decided to suspend the Company from the Exchange.
The Decision letter was issued on June 9, 2025.
The Company common stock was suspended on April 15, 2025. The
Staff determination to delist the Company common stock
became final on July 24, 2025.
The Company filed an appeal of the Panel decision on June 24, 2025.
The Company failed to submit to the Nasdaq Listing and Hearing
Review Council (NLHRC) any arguments in support of its
appeal pursuant to the briefing schedule set forth in
the NLHRC letter dated June 25, 2025 and in accordance
with Rule 5820(a).  On November 3, 2025, the Company was
notified that the Company common stock will be delisted
from the Exchange.

```

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 25

### NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

**Commission File Number:** 001-41414

|  |  |
|:---|:---|
| Issuer:                                                                                                             | PHOENIX MOTOR INC.                            |
| Exchange:                                                                                                           | Nasdaq Stock Market LLC                       |
| (Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered) |  |
| Address:                                                                                                            | 150 Lakeview Loop, Anaheim, CALIFORNIA, 92807 |
| Telephone number:                                                                                                   | (909) 987-0815                                |
| (Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)   |  |
| (Description of class of securities)                                                                                | Common Stock                                  |

---

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

- [ ] 17 CFR 240.12d2-2(a)(1)
- [ ] 17 CFR 240.12d2-2(a)(2)
- [ ] 17 CFR 240.12d2-2(a)(3)
- [ ] 17 CFR 240.12d2-2(a)(4)
- [x] Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange.
- [ ] Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

---

Pursuant to the requirements of the Securities Exchange Act of 1934, Nasdaq Stock Market
LLC certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing the Form 25 and has caused this notification to be signed on its
behalf by the undersigned duly authorized person.

| Date       | By   | Name          | Title            |
|:---|:---|:---|:---|
| 2025-11-14 |  | Aravind Menon | Hearings Advisor |

Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR
240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number.