Aptera stock, shareholder and investor info

[Biker]

Aptera filed with the SEC the following on Dec 9:

On December 9, 2022, Aptera Motors Corp. (the “Company”) began listing shares of its Class B Common Stock on the “Republic Platform”, a platform operated for the benefit of OpenDeal Broker LLC (“OpenDeal”) pursuant to engagement agreement entered into among the Company and OpenDeal (the “Engagement Agreement”). As compensation for providing certain broker-dealer services relating to the Offering on the Republic Platform, OpenDeal will receive a cash commission equal to 4.75% of the value of the Class B Common Stock sold in the Offering on the Republic Platform and a non-cash commission in Class B Common Stock equal to 2% of the total number of shares of Class B Common Stock sold on the Republic Platform. The Dalmore Group LLC will also receive its 1% fee from securities sold on the Republic Platform. Funds subscribed through the OpenDeal platform will be deposited in an escrow account with BankProv pursuant to the escrow agreement entered into among the Company, OpenDeal and Bank Prov (the “Escrow Agreement”). All other subscribed funds will be processed through Stripe, Inc. (“Stripe”). Funds processed by Stripe will be held in a segregated operating account owned by the Company.

[Biker]

On the same day, there was another filing with an update to their offering circular:

253G2 (sec.gov)

Interesting to note that they are down to only 69 full time employees.

[JRWiley]

Can one of you more business savvy forum members tell us if being down to 69 full-time employees is a concern or is it expected at this point in their development? Also, I’ve been wondering if Nathan Armstrong, CTO, is actually still with the company.

[Biker]

Sono Motors, which is at the same stage of development as Aptera with a similar vehicle, has 414 employees and in a serious cash crunch to the point of potentially winding down their business on the Sion (analysts have advised laying off 70% of its workforce and work on other company business). Aptera seems to be taking a different approach and shed employees (they had well over 100) when they’re not needed (I assume extra staff that got them through development) and only bring them on board when needed. There’s probably going to be a long wait between now and production when staff will go up, assuming they can get financing for their continued operations.

No sign of Nathan being with Aptera.

[harry-parker]

Thanks for giving us the link to the new SEC filing. I’ve only skimmed it, but this part about their 12 month plan stood out to me:

Plan of Operation
Our 12-month plan is to complete our design and validation for a production intent vehicle that we can scale production on in 2023. Our key planned activities and milestones to achieve our 12-month plan of operation includes the following:

• Release Delta Body by the end of 2022
• Start building our production strategy and begin test builds with Delta vehicles in station builds in Q3 of 2023
• Continual validation with the builds of our first Delta vehicles towards the middle of 2023
• Deliver a production vehicle from to a customer by the end of the 2023
• Then continue to build out our facilities and ramp to a second shift in 2024

So they will only start producing test builds in Q3 next year, and deliver 1 vehicle to 1 customer in 2023 by the end of next year, if everything goes according to plan? I’m confused. Is that “Q3” for doing test builds a typo? (I’ve found several other in these documents.) If not, then how can they be doing validation of the builds in the middle of the year?

[Biker]

Not much noticeable changed but Aptera filed this updated circular with the SEC yesterday:

253G2 (sec.gov)