Aptera Motors has suspended the prospectus supporting its at-the-market stock offering, stopping sales through that program unless it files a new prospectus or supplement. The company also provided a preliminary cash estimate for the third quarter: about $9.2 million at September 30, including refundable customer reservation fees.
Key details
- ATM sales are on hold. On November 9, Aptera told Cantor Fitzgerald to suspend and terminate the prospectus used for the offering. Aptera will not sell shares under the sales agreement until a new prospectus or supplement is filed.
- The sales agreement remains in place. Only the prospectus has been terminated; the agreement with Cantor continues in effect.
- Preliminary cash was about $9.2 million. That estimate includes approximately $4.1 million in refundable customer reservation fees.
- The third-quarter figures are not final. Aptera has not completed its financial statements for the quarter ended September 30, and the estimate may change during its closing process. The figures have not been audited or reviewed by the company’s independent accounting firm and do not include developments after September 30.
The cash estimate includes money tied to refundable customer reservations, so the $9.2 million figure is not solely cash from other sources. The ATM suspension also means Aptera cannot currently use this particular program to sell shares, though it could resume sales if it files a new prospectus or supplement.