The Nasdaq logo is displayed at the Nasdaq market location in New York, the United States, May 2, 2019. REUTERS/Brendan McDermid
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May 4 (Reuters) – Atlis Motor Vehicles is the latest electric vehicle startup to unveil plans for an IPO as the global push towards electrification accelerates.
The Mesa, Arizona-based company is developing an electric truck that it says can match the towing and payload capabilities of diesel-powered vehicles and is ideal for use in the agriculture, utility and construction industries.
The company intends to list on the Nasdaq this summer under the ticker symbol “AMV” and will use the proceeds from the IPO to expand operations, it said Wednesday. Atlis declined to disclose how much it expects to raise through its bid.
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While there is strong investor interest in the EV sector due to the success of Tesla Inc (TSLA.O) and concerns about climate change, Atlis’ listing plans come at a time when a global market crisis is disrupting IPO activity in the United States brought to a standstill.
Tremors over the Ukraine conflict and aggressive policy tightening by the Federal Reserve have forced several companies, including file-sharing firm WeTransfer and bitcoin miner Rhodium Enterprise, to shelve their plans for public listings in recent months.
However, some heavyweights from the software, tech and automotive sectors — including social media company Reddit Inc, business software company ServiceTitan and Intel Corp’s (INTC.O) self-driving car unit Mobileye — are slated to go public in the coming months walk.
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Reporting by Niket Nishant in Bengaluru and Ben Klayman in Detroit; Editing by Aditya Soni
Our standards: The Thomson Reuters Trust Principles.
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