Solar EV Maker Aptera Motors' Stock Slips Premarket After Direct Listing: Retail Stays Optimistic

Aptera Motors Corp.'s shares fell 0.3% in early premarket trading on Friday, after a volatile debut on the Nasdaq Capital Market, a smaller exchange for emerging businesses within the Nasdaq.

The Carlsbad, California-based firm's shares swung between $3.55 and $22.43 intraday in the previous session before closing at $8, drawing a significant buzz among retail watchers on Stocktwits.

The retail sentiment was 'extremely high' as of early Friday, although it dropped slightly from the previous day, while the 24-message volume surged nearly 5,000%. Aptera went public via a direct listing, which means the firm did not raise any new capital.

Aptera is a pre-revenue company developing solar-powered electric two- and three-wheelers. It unveiled a prototype of its three-wheeler last year and said the company had received 50,000 reservations. The futuristic-looking vehicle boasts a solar charge range of up to 40 miles per day and a full charge via the grid extending up to 400 miles.

"$SEV Well, the prospects aren't the brightest here, I have to admit. But I guess lot of money can be made here anyway given the havoc this will produce in the first few weeks. Just requires some nerves," said one user.

Earlier this week, Aptera said it had entered into a share purchase agreement for up to $75 million with growth-focused investor New Circle Capital. The proceeds will be mainly used to scale production and launch its first vehicle.

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