Shares of Aptera Motors Corp (NASDAQ:SEV) plunged 40.3% in premarket trading on Friday after the electric vehicle manufacturer revealed the terms of a public share offering expected to raise about $9 million.
The company said it priced 4.5 million shares of Class B common stock at $2.00 per share. Each share is being issued with a warrant that allows the holder to buy one additional share at the same price. The warrants are exercisable immediately and have a five-year duration.
Should all of the warrants be exercised, Aptera could generate up to an additional $9 million in gross proceeds, potentially doubling the total raise to $18 million. A.G.P./Alliance Global Partners is acting as the sole placement agent for the transaction.
Aptera said the proceeds will be used for general corporate purposes and to advance its manufacturing readiness. Planned uses include vehicle validation testing, design-for-manufacturability initiatives, production planning, engaging suppliers, and beginning long-lead tooling in support of its targeted production timeline.
The sharp drop in the share price reflects investor concerns over dilution stemming from the new equity issuance. The offering is expected to close on or around January 26, 2026, subject to customary closing conditions.