Aptera Motors Announces Securities Purchase Agreement For Purchase And Sale Of 3,428,571 Class B Shares At Offering Price Of $1.75/Shr In Registered Direct Offering

Aptera Motors Corp. (NASDAQ:SEV) ("Aptera" or the "Company"), a solar mobility company advancing ultra-efficient transportation, today announced that it has entered into a definitive securities purchase agreement with institutional investors for the purchase and sale of 3,428,571 shares of the Company’s Class B common stock at an offering price of $1.75 per share in a registered direct offering.

In addition, in a concurrent private placement, the Company will issue to the investors unregistered warrants to purchase up to 3,428,571 shares of Class B common stock in the aggregate. The warrants will have an exercise price of $2.05 per share, will be exercisable on or after stockholder approval, and will have a term of five and one half years from the initial exercise date.

The aggregate gross proceeds to the Company from the offerings are expected to be approximately $6 million before deducting placement agent fees and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offerings for general corporate purposes, ongoing product validation and manufacturing readiness activities, including vehicle validation testing, advancement of design-for-manufacturability and production planning efforts, initiation of production supplier engagements, and commencement of long-lead tooling in support of our production plans.