MESA, Ariz., Sept. 17, 2020 /PRNewswire/ -- Today, electric vehicle technology startup ATLIS Motor Vehicles obtained SEC qualification of its Regulation A + offering statement, paving the way for a $25 million public offering. ATLIS has opened the offering to the public at $8.24/share.
"We started ATLIS to build a better work truck. We are building trucks for workers, funded by workers. Our potential customers have always provided us the direction and motivation for our product, so it only makes sense for them to be shareholders in the company," says Mark Hanchett, CEO & Founder. "ATLIS remains focused on execution, and we won't settle for doing things the way they've always been done."
ATLIS prides itself on doing things differently. ATLIS has maintained independence by being primarily funded by equity crowdfunding. This has allowed ATLIS to take a vertically integrated approach to create high-quality components in-house and to develop and protect its proprietary battery technology. The Arizona-based company is developing the XT Pickup Truck to out-perform gas and diesel-powered pickup trucks in cost, range, and towing capacity.
About Reg A
In 2012, the Jumpstart Our Business Startups Act (JOBS Act) was signed and set into motion laws that would allow the general public to invest in startup companies. The first law from the JOBS Act, known as Regulation A+ or Reg A, went into effect on June 19, 2015. With Reg A, companies can raise money by selling equity shares to the general public without having to commit to a formal registration and initial public offering. In order to accept investment, companies file a Form 1-A offering statement and offering circular and address SEC comments until it receives SEC qualification. Once they receive qualification, companies are subject to ongoing reporting requirements, including annual reports, semi-annual reports, and event reports.
About ATLIS Motor Vehicles
ATLIS Motor Vehicles is building an electric vehicle technology platform for heavy and light duty work trucks to make fleet ownership simple. ATLIS' subscription ownership model provides fleet owners predictable monthly payments with a lower total cost of ownership than traditional work vehicles, Subscribers will experience freedom from fluctuating gas prices and confidence that they'll always have the vehicles they need when they need them. In order to meet the towing and payload capabilities of legacy diesel-powered vehicles, ATLIS is developing proprietary battery technology and a modular system architecture capable of scaling to meet the specific vehicle needs. ATLIS' mission includes improving the charging ecosystem by developing technology to charge ATLIS vehicles within 15 minutes.
For more information about use of funds, developmental roadmap, and offering details visit invest.atlismotorvehicles.com or email [email protected].
SOURCE Atlis Motor Vehicles