Atlis Motor Vehicles debuted on the Nasdaq Stock Market on Tuesday, and shares of the electric vehicle technology have soared more than 570% over the past two days.
What kind of company is Atlis Motor (AMV)?
Atlis Motor is an Arizona-based producer of EV batteries and work trucks. The company was founded in 2016 by Chief Executive Mark Hanchett. Atlis develops its own batteries and offers that technology to other companies.
The company executed its initial public listing through a Reg A financing after raising more than $35 million through Reg A and Reg CF crowdfunding offerings, according to a news release.
"We now enter this exciting next phase of development for Atlis, in which we have achieved the milestone of becoming a publicly listed company, and now look forward to executing on an ambitious business plan to achieve revenue and profitability in an exciting and emerging market with significant opportunities to differentiate ourselves and tremendous potential to create, maintain and increase shareholder value," Hanchett said in the news release.
The stock began trading on the Nasdaq Tuesday, with an IPO price of $27.50. Shares opened trading at $30.11 and closed the day at $82.12, a gain of 199% from the initial public offering price. On Wednesday, the shares were trading at $185, a gain of 572.73% from its IPO price.
In a filing, Atlis Motor reported a loss for the quarter of $17.3 million with no revenue.