Atlis Motor Vehicles (NASDAQ:AMV) of Mesa, Arizona conducted an initial public offering, or IPO, Sept. 17 to trade as AMV stock. The IPO was conducted through a Registration A process. The company expects a market cap of about $33 million after the offering. It was previously funded through a Registration CF crowdfunding.
Unlike a SPAC, where a shell buys an operating company to take it public, or a direct listing, in which a company offers new shares to sell, a Registration A process brings private shares to the public market.
What Is Atlis?
Founder Mark Hanchett told InvestorPlace Atlis’s first target is the sale of batteries and battery packs to electric vehicle (EV) makers producing fewer than 20,000 vehicles per year. “Our focus is on the energy business first,” he said. “At the core is fast charging. Our batteries charge five times faster than anyone else.”
Hanchett called the listing “an IPO lite,” adding, “We went from a crowdfunding campaign to a direct list on NASDAQ.”
“It’s not a traditional IPO where we raise X dollars,” added President Annie Pratt. “We’ve been raising money from retail investors up to today.”
Atlis was founded in 2016. In addition to its batteries, it has a platform for the construction of electric trucks. The XT platform replicates the towing and payload capabilities of diesel-powered vehicles in agriculture, service, utility and construction.
Atlis’s financial statements show it has raised a total of $151.7 million. It listed $3.1 million of cash at the end of 2021. The recently passed Inflation Reduction Act includes incentives for companies that use U.S.-built battery packs like those Atlis plans to produce from a 42,000 square foot facility in Mesa, Arizona.
“We want to be the manufacturer and seller of the platform, and be a partner for the segments,” said Hanchett. “We’re focused on the core products first, battery and packs, then eventually getting to the vehicles.”
What Happens Next for AMV Stock?
Atlis is not raising new money through the IPO. It is bringing venture shareholders to the public market. Once the IPO is complete, management will be able to see how much more they can raise and how quickly they can move in the market.
As Hanchett said in a press release, “We are nearing the end of one adventure, and on the cusp of another.” He and Pratt will ring the opening bell for Nasdaq trading on September 28.
On the date of publication, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.