EV firm Atlis plans U.S. stock market listing amid IPO drought

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© Reuters. FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid

(Reuters) – Atlis Motor Vehicles has become the latest startup in the electric-vehicle space to unveil plans for an initial public offering as the global push towards electrification accelerates.

The Mesa, Arizona-based company is developing an electric truck that it says can match the towing and payload capabilities of diesel-powered vehicles and will be optimal for use in the agriculture, utility and construction industries.

The company intends to list on the Nasdaq this summer under the ticker symbol “AMV” and will use the IPO proceeds to scale up operations, it said on Wednesday. Atlis declined to disclose how much it expected to raise through its offering.

While there is strong investor interest in the EV sector due to the success of Tesla (NASDAQ:) Inc and concerns over climate change, Atlis’ listing plans come at a time when a global market rout has stalled IPO activity in the United States.

Jitters over the Ukraine conflict and aggressive policy tightening by the Federal Reserve have in recent months forced several companies such as file-sharing firm WeTransfer and bitcoin miner Rhodium Enterprise to shelve their listing plans.

However, some heavyweights from the software, technology and automotive sectors – including social media firm Reddit Inc, business software company ServiceTitan and Intel Corp (NASDAQ:)’s self-driving car unit Mobileye (F:) – are slated to go public in the coming months.