Aptera Motors Corp. (NASDAQ: SEV) announced the immediate exercise of warrants to purchase up to 3,167,500 shares of its Class B Common Stock for gross cash proceeds of approximately $6.3 million before deducting fees and expenses.

The warrants were previously issued in January 2026. In exchange for the immediate cash exercise, the company agreed to issue new warrants to purchase up to 4,751,250 shares of Class B Common Stock. The new warrants carry an exercise price of $3.50 per share, are immediately exercisable, and will expire five years from issuance.

The transaction is expected to close on or about March 13, 2026, subject to customary closing conditions. Combined with additional recent warrant exercises, Aptera has received aggregate gross cash proceeds of approximately $8.1 million.

A.G.P./Alliance Global Partners served as the exclusive financial advisor for the transaction. The company plans to use net proceeds for working capital, general corporate purposes, and continued advancement of its validation vehicle manufacturing and testing phases.

The new warrants and underlying shares are being offered through a private placement under Section 4(a)(2) of the Securities Act of 1933 and have not been registered with the Securities and Exchange Commission. Aptera agreed to file a registration statement covering the resale of shares issuable upon exercise of the new warrants.

Aptera Motors, based in Carlsbad, California, describes itself as a solar mobility company developing solar electric vehicles. The company operates as a public benefit corporation.