Atlis Motor Vehicles (AMV) IPO Opens, Trades Higher

September 27, 2022 2:31 PM EDT

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(Updated - September 27, 2022 2:33 PM EDT)

Today's IPO for Atlis Motor Vehicles (NASDAQ: AMV) opened for trading earlier at $30.11 after pricing at $27.50. Shares have since moved up to $39. The opening volume was 3011 shares.

Atlis executed its initial public listing through a Reg A financing after raising more than $35M through Reg A and Reg CF crowdfunding offerings.

Atlis Motor Vehicles is a vertically integrated startup EV technology ecosystem company developing an electric work truck and the batteries to power it.

The Company is working toward production of the Atlis XT pickup truck, a 100% electric work truck, and Atlis XP Platform, the skateboard chassis that can be used to power various other models of work vehicles such as last mile delivery vehicles, garbage trucks, cement trucks, vans, RVs, box trucks, and more. At the core of Atlis’s hardware platform is a proprietary battery technology capable of charging a full-size pickup truck in less than 15 minutes and a modular system architecture capable of scaling to meet the specific vehicle or equipment application needs.

In its first risk factor in the IPO prospectus, the company warned it is an early-stage company that has never turned a profit and there are no assurances that the Company will ever be profitable.

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