Equity line funding, a direct listing on the NASDAQ Capital Market and a factory ramp focused on tooling, supplier sign-offs and early deliveries coalesce into a live test of price discovery, the market's liquidity and production discipline across the solar EV category for investors tracking execution.

SINGAPORE, SG / ACCESS Newswire / October 23, 2025 / As investor attention tightens on solar-assisted mobility and the search for capital-efficient routes to market, Carvina Capital sets out the state of play as Aptera Motors readies a direct listing and secures a committed equity facility that totals $75 million, a structure that preserves discretion over drawdowns while placing valuation in the public market's hands during an active news cycle.

Aptera's arrangement with New Circle Principal Investments operates as an equity line, which means the issuer retains the choice to sell Class B shares up to the facility's ceiling when operating needs require it, a design that favours measured issuance rather than a single, dilutive slug of capital. Usage depends on the effectiveness of a resale registration statement, establishing a compliance framework that governs timing and disclosure. Against that background, the company flags cash of $13 million in its latest update and points to a reservation ledger of roughly 50,000 vehicles, a figure that equates to about $2 billion of potential order value at current stated pricing over the most recent reporting period.

Peter Jacobs, Director of Private Equity at Carvina Capital Pte. Ltd., characterises the facility as "a bridge of committed liquidity that preserves timing discretion for the issuer, with draws tied to milestones rather than a lump-sum that blunts discipline," adding that "registration-linked issuance builds accountability around the use of proceeds and the cadence of market updates." The point is not simply access to funds but the manner in which access shapes operational behaviour as production tooling and supplier schedules harden.

The decision to pursue a direct listing on the NASDAQ Capital Market places price discovery squarely with buyers and sellers rather than underwriters, removes the fee structure and the marketing choreography associated with a traditional initial public offering, and allows existing shareholders to transact without lock-up restraints once trading opens. Trading is expected to commence in October once the exchange confirms the listing, with the company indicating that settlement and transfer processes for retail shareholders are progressing so that positions can be lined up for day one.

Jacobs frames the listing choice as part of a coherent capital strategy, arguing that "direct listing puts valuation in the market's hands and privileges transparency over theatre, although the absence of lock-ups can heighten first-day volatility that investors will need to price." That is the trade-off: lower friction and immediate liquidity on one side, increased sensitivity to early flows on the other, a balance that investors increasingly navigate across new-economy listings.

On manufacturing readiness, the company operates a 77,000 square foot site in Carlsbad, California that is configured for a 12-minute assembly cadence using automated guided vehicles, a layout designed to scale towards 20,000 units a year once the supply chain settles. The first wave focuses on Launch Edition models, with the production plan using low-volume tooling that is already funded in part by $33 million raised through a community accelerator programme, and the company indicates that initial deliveries are targeted within the current planning window as supplier sign-offs fall into place.

The funding requirement to move from preparation to continuous production is estimated at about $60 million, which positions the $75 million facility to meet core start-up needs as tooling, validation and early working-capital commitments accumulate. Jacobs notes that "the manufacturing playbook hinges on tooling readiness and supplier alignment; the facility, together with existing resources, can address core start-up needs if execution keeps pace," a view that reflects both the opportunity and the execution risk attached to first-plant launches in new vehicle categories.

Investors considering early trading dynamics will also weigh the implications of unrestricted selling by senior insiders during the opening phase. Without lock-ups, market microstructure assumes greater importance, and monitoring insider activity becomes part of the analytical toolkit used to judge whether shares find an equilibrium after opening rotation. Price stability, should it emerge, is likely to reflect investor confidence in production milestones rather than marketing narratives, a distinction that capital markets frequently enforce.

Carvina Capital Pte. Ltd. highlights the strategic lens through which to view the reservation book and product architecture. The proposition centres on efficiency rather than battery capacity, with the three-wheel platform engineered for frugal energy use and the Launch Edition integrating about 700 watts of solar cells that can add up to 40 miles of daily range in favourable conditions. Scaling targets sketch a glide path from roughly 100 vehicles a month in early phases towards 10,000 units a year as line rates and supplier cadence improve, a trajectory that investors will test against disclosed build counts and delivery timings over the coming quarters.

Set against the wider market's search for profitable electrification models, the combination of a selective equity line, a direct listing, and a factory footprint that is transitioning from validation to production-intent activity creates a live experiment in capital-light scaling. The watch-list items are specific and verifiable: effectiveness of the resale registration, the pattern of issuance versus facility headroom, the cadence of supplier approvals, the movement from tooling to sustained throughput, and the behaviour of insider flows once shares open for trade. If these pieces fall into place, the financing architecture described here supports a disciplined path to volume; if they do not, the public market will register that verdict quickly.

About Carvina Capital
Carvina Capital Pte. Ltd., UEN 201220825D, is a Singapore-based investment firm established in 2012. The firm focuses on research-driven, long-only public equity strategies for institutional and professional investors and is evaluating offerings that may be accessible to retail investors. Its process combines fundamental research with disciplined risk management to pursue the compounding of capital through full market cycles. Further information is available at https://carvina.com. Media enquiries: Huacheng Yu at media@carvina.com

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SOURCE: Carvina Capital Pte. Ltd.