Earlier this week, US electric truck maker Atlis Motors sent an e-mail teasing a big announcement for the next days. On Wednesday, the company revealed plans to submit an S-1 format Form 1-A and Nasdaq Global Market application in anticipation of a public listing on the stock market. The ticker symbol “AMV” has been reserved by ATLIS on Nasdaq.
Upon public listing, anticipated to occur this summer, retail investors can trade shares of ATLIS on NASDAQ as the company develops technology to further encourage and enable the mass adoption of electric vehicles. ATLIS is developing an electric work truck, along with the batteries and motors to drive it. Based on the premise that current electric vehicles don’t have the true capability to compete in the work truck market, the company is developing an electric truck for individuals and fleet owners who work in the agriculture, service, utility, and construction industries.
To meet the towing and payload capabilities of legacy diesel-powered vehicles, ATLIS also is developing proprietary battery technology, electric motors, and a modular system architecture to create a high capacity, high output, fast-charging work truck to meet customer needs, the company said.
“From inception, we’ve had an unwavering commitment to produce an electric truck that does not comprise performance or durability. By going public, we will unlock the capital needed to succeed,” said Mark Hanchett, ATLIS founder and CEO. “This new funding will allow us to continue to scale operations to produce state-of-the-art batteries, platforms and pickups needed to advance the work truck market. I’d like to acknowledge and thank our 20,000+ investors that have backed our efforts over the years; this is a milestone moment for them as well,” Hanchett added.
Recently, the company announced the signing of a collaborative agreement with a U.S. Military supplier to jointly design and produce new technology to convert military vehicles such as gasoline or diesel-powered High Mobility Multipurpose Wheeled Vehicles (HMMWVs) into electric vehicles. Under the agreement, the technology can be sold to third-party customers, including the United States and international allies.