Solar-powered three-wheeled electric vehicle manufacturer Aptera Motors announced last Friday its timeline for a planned direct listing on NASDAQ. According to a press release, Aptera plans to go public on October 16 (Thursday). The common shares being offered in this listing are held by existing shareholders; Aptera will not raise new capital through this public offering. The company has not disclosed a reference price, which will be determined on the day trading begins. Registered shareholders plan to sell up to 31.7 million shares.

Aptera noted that in the second quarter of 2025, approximately 155,000 shares were privately sold at a volume-weighted average price of $40.85 per share. While the company cautions against over-reliance on past private sale performance, if the company lists at that price, its market capitalization would reach $1.3 billion.

Aptera focuses on developing and manufacturing high-efficiency solar electric vehicles (SEV). Currently, the company is working to complete the development of its flagship vehicle—a three-wheeled two-seater called Aptera—and preparing for production. To date, the company has not begun production of its solar electric vehicles and has not generated any revenue.

The Carlsbad, California-based company was founded in 2019 and plans to list on NASDAQ under the ticker symbol SEV. Since this is a direct listing with no underwriter commitment, no underwriters are involved, with Northland Securities serving as financial advisor.