Electric Vehicle Maker T3 Sees Surge in Amex DebutTuesday, May 17, 2011
Shares of Costa Mesa-based electric vehicle maker T3 Motion Inc. surged Tuesday in their debut on the American Stock Exchange.
T3’s stock closed up nearly 30% to a market value of about $175 million.
The company’s shares moved late Monday from the low-profile Bulletin Board exchange to the American Stock Exchange.
T3’s stock trades as “TTTM.”
The company also is raising $12 million before fees in a sale of shares to investors.
It plans to use the proceeds from the offering to repay debt and for research and development, sales and marketing and hiring.
T3 makes three-wheel cruisers that are used by security guards, police officers, dock workers and others.
Some 700 companies and agencies, including police departments for Los Angeles, New York and Dallas and the Royal Canadian Mounted Police, are customers.
The company has yearly sales of about $5 million.
A front-wheel drive, three-wheeled electric vehicle for consumers is in the works and is expected later this year.