- Atlis has announced plans to go public in the US.
- The company is expected to list on the Nasdaq exchange.
- Atlis may go public in the summer of this year.
EV startup Atlis Motor Vehicles plans to debut in the US stock market. On Wednesday, it submitted Form 1-A with the US Securities and Exchange Commission (SEC) for the purpose.
It is the latest EV company planning a stock market debut. Atlis makes heavy-duty electric trucks with towing and payload capabilities similar to diesel-powered vehicles.
These trucks could be helpful in the agricultural, construction, and utility sectors.
The company plans to trade its shares under the symbol "AMV" in the Nasdaq Global Market.
On Wednesday, the company said it plans to use the proceeds from the public offering to scale up its production. However, it has not revealed how much money it intends to raise in the IPO.
When is it going public?
Retail investors can trade the shares after it completes the public listing, possibly this summer.
Shares will also be offered through the company website. Investors can also check the IPO information and disclosures on the website.
The vehicle is named XT pickup truck. The company said it is "rugged, durable, and can perform in most extreme conditions". The truck's charging time is just 15 minutes, and it has a 500-mile range. It has 35,000 lbs towing capacity and has a subscription option for maintenance.
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Atlis is developing new batteries, electric motors, and a modular system to boost capacity and output. The company claims it will be a fast-charging work truck to fulfil the customer demand.
The US IPO market has cooled down this year due to various macroeconomic factors. Companies like WeTransfer, Rhodium Enterprise, etc., have postponed their IPO plans. Nonetheless, firms like Reddit Inc, Mobileye, etc., are expected to debut in the coming months.
The EV sector has made significant gains in recent years, driven by the demand for clean energy vehicles. With the success of Tesla Inc, various new players have also joined the competition. Last year, Rivian IPO was one of the biggest public offers in the EV segment.