Polar Asset Reports 2.25M SEV Class B Shares (8.4%)

Polar Asset Management Partners Inc. reports beneficial ownership of 2,250,000 shares of Class B Common Stock of Aptera Motors Corp, representing 8.4% of the class, held through warrants exercisable into Class B common stock.

Rhea-AI Filing Summary

Polar Asset Management Partners Inc. reports beneficial ownership of 2,250,000 shares of Class B Common Stock of Aptera Motors Corp, representing 8.4% of the class, held through warrants exercisable into Class B common stock. The filing states Class B common stock does not carry voting rights.

The ownership is reported by Polar as investment advisor to Polar Multi-Strategy Master Fund; the reporting person asserts sole dispositive power over 2,250,000 shares issuable upon exercise of warrants.

Insights

Securities Compliance Counsel

Disclosure clarifies warrant-based beneficial ownership without voting control.

The filing reports 2,250,000 shares beneficially owned via warrants and explicitly states Class B common stock does not carry voting rights. This preserves compliance with beneficial‑owner reporting rules while distinguishing dispositive from voting power.

Key dependencies: whether warrants are exercisable immediately and any transfer/restriction terms. Subsequent filings would show conversions or changes in voting/dispositive power.

Distressed/Opportunistic Portfolio Manager

An 8.4% warrant position signals meaningful economic exposure without governance influence.

The position—held by Polar as adviser to Polar Multi-Strategy Master Fund—gives economic upside via warrants exercisable into Class B shares; voting power is stated as zero. Cash flow arises only on exercise or disposition events.

Portfolio impact depends on exercise terms and future transfers; timing and strike price are not disclosed in the excerpt.

Key Figures

Beneficial ownership: 2,250,000 shares Percent of class: 8.4% CUSIP: 03835W104 +1 more

4 metrics

Beneficial ownership 2,250,000 shares issuable upon exercise of warrants

Percent of class 8.4% Class B Common Stock

CUSIP 03835W104 Aptera Class B Common Stock

Reporting person filing date 05/15/2026 signature date on Schedule 13G

Key Terms

warrants exercisable, beneficially owned, sole dispositive power

3 terms

warrants exercisable financial

"The reporting person holds warrants exercisable into Class B common stock."

beneficially owned regulatory

"Amount beneficially owned: 2,250,000 (The reporting person holds warrants...)"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power legal

"Sole power to dispose: 2,250,000 shares issuable upon the exercise of warrants"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Polar Asset report in Aptera Motors (SEV)?

Polar Asset reports beneficial ownership of 2,250,000 shares, equal to 8.4% of Class B Common Stock, held through warrants exercisable into Class B shares.

Does Polar Asset have voting power over the reported shares?

No. The filing states Class B common stock does not carry voting rights, and Polar reports 0 sole and 0 shared voting power for the shares reported.

How does Polar hold the position reported for SEV?

Polar Asset files as investment advisor to Polar Multi-Strategy Master Fund; the position is reported as holdings exercisable upon warrants, with Polar asserting sole dispositive power over 2,250,000 shares.

Are the reported shares outstanding or issuable upon exercise?

The filing specifies the 2,250,000 shares are issuable upon exercise of warrants; the excerpt ties the count to exercisable warrants rather than presently outstanding voting shares.

When was the Schedule 13G signed and filed for this disclosure?

The signature block shows the filing was signed by Andrew Ma, Chief Compliance Officer, dated 05/15/2026, with the issuer CUSIP listed as 03835W104.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 01:05 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Aptera Motors Corp

(Name of Issuer)

Class B Common Stock, par value $0.0001 per share

(Title of Class of Securities)

03835W104

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 03835W104

1

Names of Reporting Persons

Polar Asset Management Partners Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,250,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,250,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Aptera Motors Corp
(b)	Address of issuer's principal executive offices: 5818 EL CAMINO REAL, CARLSBAD, CA, 92008
Item 2.
(a)	Name of person filing: This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF") with respect to the shares directly held by PMSMF.
(b)	Address or principal business office or, if none, residence: 16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6
(c)	Citizenship: Canada
(d)	Title of class of securities: Class B Common Stock, par value $0.0001 per share
(e)	CUSIP Number(s): 03835W104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.
Item 4.	Ownership
(a)	Amount beneficially owned: 2,250,000 (The reporting person holds warrants exercisable into Class B common stock. Class B common stock does not carry voting rights; accordingly, the reporting person does not have voting power with respect to the securities reported herein.)
(b)	Percent of class: 8.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,250,000 shares issuable upon the exercise of warrants
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Polar Asset Management Partners Inc.

Signature:	Andrew Ma
Name/Title:	Chief Compliance Officer
Date:	05/15/2026