Atlis Motor Vehicles Shares Drop 28% on Offering Plans

Dow Jones2023-02-14

By Kathryn Hardison

Shares of Atlis Motor Vehicles Inc. dropped 28%, to $1.86, on Monday after the company disclosed plans to offer 6.45 million units.

Shares reached a preliminary, all-time intraday low at $1.85, according to FactSet.

The vertically integrated electric-vehicle company plans to offer up to 6.45 million units at an assumed offering price of $3.10 a unit, it said in a Monday filing with the U.S. Securities and Exchange Commission.

Proceeds would be used for general corporate purposes, which may include research and development and operations, capital equipment and raw materials, the company said.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

February 13, 2023 12:44 ET (17:44 GMT)

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