Aptera Motors Announces Closing of $9 Million Public Offering

Core Viewpoint - Aptera Motors Corp. has successfully closed a public offering of 4,500,000 shares of Class B common stock and accompanying warrants, raising approximately $9 million in gross proceeds, with potential additional proceeds of up to $9 million if all warrants are exercised, totaling up to $18 million [1][2]. Group 1: Offering Details - The public offering price was set at $2.00 per share and warrant, with warrants having an exercise price of $2.00 per share, immediately exercisable and expiring five years from issuance [1][2]. - A.G.P./Alliance Global Partners acted as the sole placement agent for the offering [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for general corporate purposes, ongoing product validation, and manufacturing readiness activities, including vehicle validation testing and production planning [3]. Group 3: Company Milestone - The completion of this offering is considered a significant milestone for Aptera, enabling the company to fund critical validation and manufacturing readiness activities in 2026, which would not have been possible prior to its public Nasdaq listing [4]. Group 4: Company Overview - Aptera Motors Corp. is a solar mobility company focused on advancing efficient transportation through its solar electric vehicle, which aims to achieve new levels of efficiency using advancements in aerodynamics, material science, and solar technology [5]. - As a public benefit corporation, Aptera is dedicated to building a sustainable business that positively impacts stakeholders and the environment [5].