Aptera Motors, which is developing a three-wheeled solar electric vehicle, filed on Wednesday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; Aptera Motors will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing of its listing.
The Registered Stockholders plan to sell up to 31.7 million shares.
Aptera Motors is focused on developing and manufacturing highly efficient solar electric vehicles (SEVs). Its current focus is on completing the development and commencing production of its flagship vehicle, a three-wheeled, two-passenger vehicle called the Aptera. To date, the company has not commenced production of its SEVs or generated any revenues.
The Carlsbad, CA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol SEV. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Northland Securities will serve as a financial advisor.
