MESA, Ariz., July 1, 2021 /PRNewswire/ -- Today, ATLIS Motor Vehicles, Inc. (ATLIS) announced a $300 million capital commitment from GEM Global Yield, LLC SCS (GGY), a Luxembourg-based private alternative investment group. Under the agreement, GEM will provide ATLIS with a Share Subscription Facility of up to $300 million for a 36-month term following the public listing of ATLIS's common stock.
ATLIS will control the timing and maximum amount of each drawdown under the facility and has no minimum drawdown obligation. Concurrent with a public listing, ATLIS Motor Vehicles will issue warrants to GEM to purchase up to 4.2% of the common stock of the company. ATLIS is developing a fully electric vehicle platform, proprietary battery cells and packs, and the necessary charging infrastructure to recharge a 500-mile range battery in less than 15 minutes.
"GEM's investment tremendously solidifies our long-term financial goals and reinforces our commitment to develop electrified vehicles and the technology needed to power them," said Annie Pratt, ATLIS president. "We've been quite successful with our Regulation A+ offering, which has generated investments from more than 9,000 individuals at $8.24 per share. This new capital commitment will propel us in our quest to continuously hit aggressive development and production milestones."
About ATLIS Motor Vehicles
ATLIS is a mobility technology company developing products that will power work. The ATLIS innovators are building an electric vehicle technology platform for heavy and light duty work trucks used in the agriculture, service, utility, and construction industries. To meet the towing and payload capabilities of legacy diesel-powered vehicles, ATLIS is developing proprietary battery technology and a modular system architecture capable of scaling to meet the specific needs of the heavy-duty all-electric vehicle. For more information visit www.atlismotorvehicles.com.
About The GEM Group
Global Emerging Markets ("GEM") is a $3.4 billion alternative investment group based in Paris, New York, The Bahamas, and Los Angeles. GEM manages a diverse set of investment vehicles focused on emerging markets that provide the group and its investors with a diversified portfolio of asset classes that span the global private investing spectrum. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities (PIPEs) and select venture investments. For more information: http://www.gemny.com
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SOURCE ATLIS Motor Vehicles