Electric truck maker Atlis Motor Vehicles (NASDAQ:AMV) debuted on the NASDAQ stock exchange on Tuesday, closing 199% higher on its first day of trading. In the extended trading session, the shares surged further by 156%.
The IPO was listed at $27.50 per share, and trading was paused several times due to volatility. Shares started trading at an opening price of $30.11 on Tuesday afternoon.
How Much Has Atlis Motors Raised?
Crowdfunding has been the primary source for Atlis to finance its operations. This way, the company has raised more than $32 million from more than 20,000 investors.
The IPO was done through Reg A financing after the company raised more than $35 million through Reg A and Reg CF crowdfunding offerings.
Bottom-Line: AMV Potentially Addresses a Market Gap, And May Be a Good Buy
Apart from developing electric work trucks, Atlis Motor Vehicles also develops cells to power the trucks. Atlis also claims to be the first company to provide electric mobility solutions to light and medium-duty electric trucks at competitive prices.
The company aims to serve customers across multiple key industries, including construction, agriculture, and logistics.
The IPO comes at a time when the U.S. electric vehicle sector is going through a tough time. Lithium shortages and part-supply hurdles are weighing down the industry. Nonetheless, it is encouraging to see the remarkable response to the IPO by investors.
Wall Street is yet to rate the newly listed stock, and it will be interesting to see what analysts think of the AMV stock.