Aptera's Jan SEC filing supplement
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- Опубликовано: 10 фев 2025
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Could be related to the Zaptera situation which is due to be settled by April.
It could be something simple. Offering a discount on new shares back to the last price of $10.50 vs. $14.80 may have triggered this. Not sure, but a two tiered price for larger purchases might have been questioned. In any case this is extremely detrimental to further fundraising until it is cleared up. The SEC could make their dream become a nightmare.
Thanks for this Steve! Phooey! Never like to see this. As you said, it doesn't mean Aptera did anything wrong, but it is going to be a distraction from getting through the challenging and resource-intensive process of bringing the vehicle to market.
Excellent investigative reporting. Interesting. Hope the legal costs are not too high for Aptera. Thanks Steve.
That's not investigative. It is public information.
opinions are fun. facts are better.
Just fucking great!
Amen!
What is fucking great?
Me too.
@@adimchionyenadum2962 what is your comprehensive level? 5th grade.
@@globalwarming382 I suspect he's one of those "literally" idiots.
I seem to vaguely recall reading in previous filings that the focus of the SEC search appeared to be related to production delays (although I cannot guarantee that is a correct memory). So my *guess* is that they want to know if the potential delays were adequately highlighted.
It can't be that for a startup.
Let's wait and see. Whatever the reason for the investigation is and whoever may or may not be at fault, it does not take away from the engineer marvel that is the Aptera vehicle. The concept will live on. There may be a siver lining to this story which we do not see at the moment. Let's hope so!
As I said elsewhere, this may just be a result of their plans to start an IPO. The investigation could just be due diligence. It could also be a sign that someone is out to get Aptera, or there could be actual wrong doing we just don't know. This could even be a result of the Zaptera lawsuit.
It's an investigation. This happens all the time. You're right that this takes time and effort away from building Apteras but they should have been preparing for this. We know they have lawyers from Zaptera so likely they got a team that can supply the expertise they need. Or know where to find it.
Other companies that I've followed never had this before an IPO. I guess for Aptera, it's different?
@billsmith5960 Really? None? Ever? Wow at how you are able to follow everything company in history.
@@richardryley3660 He clearly said "companies that I've followed."
@ - First off, I don't know what this statement means, "you are able to follow everything company in history." I don't know of anyone who could decipher that statement. I know you will and appreciate it.
Well we certainly won't know until Aptera is free to tell us and chooses to tell us. the only speculation can go back to the Accelerator program given the SEC acted on it once before. There were definitely issues in how that program was handled.
I would only have real concern if the SEC blocks existing and future fundraising efforts but nothing spelled out so far leads me to believe this is happening. Who knows.
The UAE deal proposed throwing Accelerators under the bus. Towards the end, Aptera might have been collecting Accelerator money for IWM design while knowing the switch to Viatec was coming.
@@artsmith103 My problem with the UAE deal is the fact it was a UAE deal. Their treatment of minorities and the gay community should have immediately ended any idea of such a deal. I still suspect they lost a director over that as his work in the community is completely at odds with working with nations like the UAE.
It is interesting how Aptera never mentions if any of the UAE editions sold or any other investment from that region. It certainly is not on their SEC filings.
@fourteenfour1 Agree with you re UAE. I can't imagine Aptera sold UAE a promoted trike. That was probably their most fortunate blunder because they never could have delivered. I teased fanboys it would have led to a trip to Chop Chop Square.
If Aptera is the entity suspected of securities fraud, I assume the infraction is an oversight in the securities and will be resolved during the SEC's investigation without any prosecution. Paying lawyers sucks, but Aptera already pays a lot for regulatory compliance, and this case presumably doesn't cost much compared with building a PI vehicle. I'm more interested in the capital raise. Did CES help? Is Aptera any closer to production financing? Will the company deliver vehicles to customers this year?
Regardless of an investigation, I'm getting my deposit refunded because I believe $40,000 is too expensive for such a plain two-seater car. They increased the price from $26,000 to $40,000 without adding anything worth the extra $15,000; they actually eliminated the three-wheeled version. I was excited and got on the waiting list two years ago, but I've had time to think and compare the value, and it's not for me.
They "eliminated the three-wheeled version?" Where did you get that idea, or is that a typo?
Clear he meant 3 wheel drive version.
The AWD is available. They never eliminated. I ordered one and there is no way Aptera would take my order if it was to be dropped. That would be unethical.
@@bobhellman8676 ah, that makes sense. There was talk of a four-wheel version-eventually, which is why his comment confused me. Didn’t think of three-wheel drive vs front-wheel drive. Yeah, eliminating the rear wheel drive that was making it AWD was a definite let down, but I think we all want this company to survive and thrive and if those kinds of hard decisions are needed for that, I’m in favor. Totally fine to cancel a res if you’re not getting what you wanted! (Acceleration? Transport in snowy or muddy conditions? I have family in Truckee/Tahoe, so an AWD would have been nice, but I am wanting solar mobility to arrive more than getting an AWD version! And @billsmith5960 is right that they still plan to deliver an AWD, just not with launch edition.)
@@likethesky- My AWD 1k version comes out in a year. LE in 10 months.
Ooh I think I need to rewind
I worry that this is related to the continued claims that they've made that they're almost ready for production or if they just raise this much money they're going to have enough to produce the cars when they've never put a car out. I mean a lot of us thought when they got the second round of funding Way back 2 years after they started that they had represented that that was what they needed to get into production.
I mean they need to put some cars out the door to satisfy a lot of these problems. And I don't care if they need to glue them together with their own hands but they need to put some cars in the hands of some buyers.
Sorry for all caps, but I am not a legal guy but this may have to do with it, the SEC had not made a decision on the most recent crowd funding campaign if it needed regulation or not. At least that is what the statement below sounds like
HOWEVER THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION
Under “Risk Factors”, first sentence it spells it out. No where does it insinuate it’s for a 3rd party.
Under the Department of Justice, there is a distinction between the "subject" of an investigation and the "target" of an investigation. A "subject" of an investigation is an entity whose conduct they believe either might have been criminal or might have contributed to another entity's crime. A "target" is an entity strongly believed to have committed a crime, based on substantial evidence.
I don't know if this distinction applies to the use of the same terms by the SEC.
My bet is that it is related to the launch edition funding and the statements the company made. Personally, I invested in the Launch Edition thinking this was to get the vehicle into production. But it seems the company is still short on funding to get into production. So that may have ticked off some shareholders.
But start-ups can say anything legally. That is why you are warned to take anything they say with a grain of salt. If that is the accusation against them, they will win that easily.
how about finding some experts who have seen these to interview? there are a few attorneys with their own channels.
Thanks Steve, Who finances the SEC?
American tax payers.
@@billsmith5960 Thanks Bill, I didn't know if it was Wall Street or the US Federal government.
@@billsmith5960 Not correct. The SEC is primarily financed by the fees it collects from securities transactions, making it largely self-funded.
@ - Just tax payers. That’s all.
SEC is a revolving door with Wall Street. "Regulatory capture"
I think Aptera deserves the right to know who is complaining about their business practices to the SEC. If this matter goes to court we will eventually know. Anyone want to admit to it now ? It wasn’t me…..
The governance and oversight by the SEC similar to an FBI investigation. No comment is all they would say. They are duty bound to protect investors and any complaint will be shielded until the investigation is complete. No IPO with this overhanging.
I think this is a result of the negative Wall Street Journal article
@jeffreymerriam7025 that article slammed the other company, has nothing really negative towards Aptera.
How do you know Aptera does not know who it is? Are you an insider? If so, then tell us what this whole thing is all about. We'd like to know.
@@jeffreymerriam7025 That article was neutered re: Aptera. But the SEC have all the information that the WSJ lawyers wouldn't print.
I’m guessing it’s something related to Zaptera (the patent trolls). Like maybe they reported Aptera in an attempt to make their case seem more legitimate (which it isn’t).
This predates Zaptera.
Doesn't mean anything unless a lawsuit happens
If it's anything related to their incompetent business management, it means everything!
Bet it is Chris Anthonys statements
He was out of control at the CES after party!!
@@artsmith103 Please explain
Yes.
Like what in his statements could trigger a SEC investigation?
DAMN
Pretty quick 😅
This happens a lot - just do what they ask and get it over with but it is always bad when the SEC does this.
@@Lachesisms yeah they don't go in without evidence something is already wrong. They just need to gather evidence to confirm, and how bad. Generic statement til details are final
Bad luck for Aptera. Why speculate that it could be malfeasance of another company? Looks more likely than not the filing is against Aptera.
The SEC wants to know why they haven't provided a fund raising update lol.
But they update the SEC regularly. They owe little or nothing to investors. so, that can't be the problem.
Encourage anyone who is still optimistic about aptera to read the glass door reviews, of people who have actually worked there (and still do).. spoiler, its not good. It is even worse then I had expected and I knew things were not good.
I just read all the Glassdoor reviews. Considering all the pressures of a struggling startup, I didn't think they were that bad. So I still think Aptera has a shot at success if the community stays behind them.
@@netscrooge What do you think Aptera will succeed at? Consider how much more capable and green a $35K Prius PHEV with $5K of gridtie solar is. That's just 1 easy available transportation that crushes probably never delivered Aptera.
More potholes on the road to solar mobility. But let's stay positive, we will get there.
Aptera is not even ON the road. Stop giving them money until a path to production is believable.
@@montanaerdoc why would you offer such unsubstantiated and unqualified financial advice? You are far from qualified to be doing that. Appropriate and cautionary risk comments are included in any prelude to investing. You are completely outside your competence lane.
@@rchender Maybe not getting involved with Aptera is medical advice and doc is an expert!
It could be something simple and I don't mean to sound like a conspiracy theorist, but it always bothered me how Jannie Burlingsgame's quick hire and quit took place. Hope this is nothing...
It's probably an investor who felt they got bait-switched on their investment due to all the broken promises on the initial design and design changes (e.g., in hub motors, production date delays, statements on funding and the use of those funds). Aptera itself is definitely the target!
There were no broken promises, troll.
no troll here...i have $21k invested in Aptera (#717 Launch Edition vehicle number). I surely want Aptera to succeed.
@ Did you expect Aptera to rigidly plow forward when circumstances changed and in wheel motors became impractical for the launch edition? They promised you nothing, brat. The next time you invest, get some professional advice and read the information provided to you at the time you invested... or just continue to blame others for your own ignorance.
You probably hit the nail on the head here. SEC did include development and technology in the information they want.
If you play in dirt, you're going to get dirty. I learned that watching The Wire.
I speculate that an insider dropped dime on malfesance. Remember when the CFO departed? Perhaps she was uncomfortable with something?
I sure wouldn't want to invest in any company with this hanging over its head. Sigh... Doesn't look good is an understatement.
There is a photo of Steve Fambro and the Aptera team doing validation tests. Your assumptions are not important until they are actual facts. Now you can start the rumors that can hurt the forward movement for Aptera! Just for the sake of producing another video!
The Zaptera suit has a very small impact by comparison to having an SEC investigation. This is awful because it most likely will be a major impediment for any future fundraising. My guess is it is related to the Zaptera suit, just another jealous person deciding that they have the opportunity to upset the company and prevent it from becoming real.
As to timeframe, usually the government takes a great deal of time to oversee and make sure all is kosher. More delays at this time just costs more money, bleeding the balance sheet, with legal fees. I wonder if the investigation might be related to the bonds for sale by US Capital Group.
Awful news, we can only hope that the truth is easy to prove and that more funds come through.
Don’t worry, Elon will get to the bottom of this. Oh, Elon IS at the bottom of this.😅
Baseless statement.
That's Lord Elmo to you ;-)
Looking to bankrupt Aptera and acquire on-the-cheap. If only Aptera had donated to the inaugural fund, this could’ve been nipped in the bud 😂
I'm glad you can back up that statement. Last thing we need are conspiracy theories.
When its been .03 seconds and you havent complained about Elon
"... the company can't predict the outcome..." If Aptera didn't think anything was done wrong, why couldn't they say so? They have no problem predicting the 40 miles per day of free solar knowing the ideal case isn't really possible given the cells are all facing different angles to the sun. It's like a politician who says one thing to the public and quite a different thing in a courthouse. Hmmm.
I'm betting a lawyer would tell them not to comment on this publicly for legal reasons. And your comment on the solar shows how little you know about solar, and that you are trolling. Hmmm.
Four years in jail will go by so fast you won't even notice. Prison will be a relief, I'm sure.
Could this be Trump-related? Was it just a coincidence that the SEC subpoenaed Aptera ten days after the inauguration?
Wondering the same thing - see my comment!
This predates trump by >1 year.
Must be Trump. He hates it when an American company is looking to build their product in America. So, this is why Aptera is in his crosshairs. After Aptera, Telo will be on the list. They already took out Canoo.
Maybe this is what happens when you crowd fund and the big boys don't get their slice of the pie.
Who are the big boys?
The big boys are venture capital and hedge funds investors.
@@billsmith5960 The big banks. Other companies that have crowdfunded into existence without turning to the banks for funding have been punished for bypassing them. It might be part of the reason their 60 million offering was not well-received, and it could also hurt their IPO, at least right out of the gate.
@@smittyz14 - Any evidence that they do this? There are lots of crowdfunding that goes on. Plus it’s been gong on for over 10 years. This is the first time I heard that they are doing this. I guess that all crowdfunding will stop if this is the case.
I would guess that this is related to the US Capital fund raising. Aptera announced that there was an effort to raise $60+ million dollars that never materialized. This could easily be viewed as fraud.
I think this is completely wrong. We don't know who initiated contact. Could have been USCG or Aptera. Once contact begins, it's simply paid business to initiate the offering, USCG gets paid an origination fee and commission. Maybe USCG even hustled Aptera convincing Aptera how successful they would be. Doesn't matter. Who ever scammed who, it's high finance business as usual. SEC not the least bit interested.
Wow!
This is a lawfare hit job by another company that doesn't want Aptera to go to production ...
What company is that?
That’s the mystery… but it will be revealed at a later date
@ - So you are guessing. Then guess who it is. Must be some company you have in mind.
No.
Why would a company buy a fleet of aptera for over $47k out the door each when they can buy a hybrid corolla (50mpg combined) for under $27k out the door and they get 3 more seats? 1 Aptera is almost the cost of 2 Toyota corolla hybrids that has 5 seats.
This has nothing to do with the video. Please keep all complaints relevant to the video you are commenting on. Since the answers you were given in the discord clearly werent satisfying
@@Piercepage I wanna discuss the topic with the community on here as well. #freeSpeech
Because Aptera should be able to get over 300 MPGe, 5 or 6 times better than a Corrola. Delivering pizza with an Aptera will cost pennies per mile, a far superior way.
Fleet vehicles tend to be delivery, technician, installer, or representative transport vehicles, which only need at most two people. Also, depending on length of time they are owned, the cost of ownership shifts dramatically. If you're moving more than two people as a company, you're buying vans or shuttle buses, not sedans.
Maintenance and operating costs are very important in fleet calculations.
This is blatantly Elon Muskrat trying to stop what he thinks is a threat.
I know you'll provide the evidence and appreciate it. Also, why would he want to do this?
If Elon wanted to make a Mdl3 chopped down to Trike to sell for $40K he could in 6mo. He certainly has an ample supply of solar to mount.
@ - I doubt he could. Tesla almost went bankrupt and they laid off everyone. Then those people had to get a job across the street. Plus look at the vaporware Roadster. Tesla just can't take an idea and get it to market. So, Aptera has proven how they are superior over Tesla.
I know this sounds like a conspiracy theory but maybe since Elon is in the ear of Trump and Aptera might be competition to him he asked Trump to set this investigation up?
No.
I can imagine his daily briefing with his advisers. #1 Come up with an elaborate plan to take down Aptera.
If Elon wanted to make a $40K trike Mdl3 he could in 6 months. And he certainly has a large supply of solar.
@@artsmith103 - Name me one project Elon has been involved in that is technologically advanced over Aptera.