The EV start-up Atlis Motors announced Tuesday the filing of a 1/A-A amendment with the SEC and subsequent request for qualification on its final fundraising campaign before the IPO.
Through a video, the CEO explained that upon SEC’s approval — which Atlis estimates to be on Friday, July 22 — Atlis shares will be available for $27.50 a piece, up from the current price of $15.88 per share.
“Once publicly listed, retail investors will be able to trade shares of Atlis on Nasdaq as the company develops technology to further encourage and enable the mass adoption of electric vehicles,” the company said.
Atlis Motors is developing an fully electric truck, a proprietary battery technology, electric motors, a modular system architecture, and a high-capacity, fast-charging ecosystem.
In June, the EV startup signed a memorandum of understanding with INDe EV Limited to develop 500 30 KWh battery packs with deliveries expected in December 2023. Atlis began the development of the AMV battery cell at its headquarters in Mesa, Arizona, in June 2021 becoming the first in the industry to charge in less than 15 minutes
The company added that, by building battery cells in-house, Atlis is “developing its own battery supply chain, working to provide ultra-fast charging batteries to companies that are currently struggling to secure their own allotment from top battery suppliers”.
Recently, Atlis announced the signature of an agreement with the defense vehicle developer Advent Atum to buy its fully electric vehicle platform, the ATLIS XP. The company headquartered in Holsworthy (Australia) will use the platform in the development of its autonomous defense and specialist commercial products.
The XP platform is the only full suite EV skateboard solution to convert a traditional internal combustion engine (ICE) vehicle to an EV and Atlis plans to begin its production by the end of 2022.
Earlier this year, the company announced that Australian Manufactured Vehicles (AusMV) became ATLIS’s first institutional investor under the entity Boss Global Investments. By 2025, AusMV plans to buy 19,000 ATLIS XT pickups and complete right-hand drive production in Australia for sale in the Oceania and Southeast Asia markets under the ATLIS brand.