Arcimoto, Inc. Announces Closing of $12 Million Public Offering
21 January 2023 - 5:32AM
Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, outrageously
fun, ultra-efficient electric vehicles, today announced the closing
of its previously announced public offering of 4,000,000 shares of
common stock (or common stock equivalents in lieu thereof) and
warrants to purchase up to 4,000,000 shares of common stock at a
combined purchase price of $3.00 per share and accompanying warrant
for aggregate gross proceeds of approximately $12 million, before
deducting placement agent fees and other offering expenses. The
warrants have a five-year term, are exercisable immediately and
have an exercise price of $3.00 per share.
We intend to use the net proceeds from the offering to repay the
convertible note with 3i, LP and the remainder of the proceeds for
working capital and general corporate purposes. The convertible
note with 3i, LP has a maturity date of August 31, 2024 and an
interest rate of six percent (6%).
A.G.P./Alliance Global Partners acted as the sole placement
agent for the offering.
This offering of the common stock (or common stock equivalents
in lieu thereof) and accompanying warrants was made pursuant to an
effective shelf registration statement on Form S-3 (File No.
333-261955) previously filed with the U.S. Securities and Exchange
Commission (the “SEC”). The preliminary prospectus supplement,
accompanying base prospectus and final prospectus supplement were
previously filed with the SEC and are available on the SEC’s
website located at http://www.sec.gov. Electronic copies of the
prospectus supplement may be obtained from A.G.P./Alliance Global
Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by
telephone at (212) 624-2060, or by email at
prospectus@allianceg.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
For the latest company updates, check out our Q3 Stakeholder
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TikTok, and LinkedIn. Investor information about the company,
including press releases, stakeholder webcast replays, and more can
be found at http://arcimoto.com/ir.
About Arcimoto, Inc.Arcimoto is a pioneer in
the design and manufacture of rightsized, ultra-efficient,
incredibly fun electric vehicles for everyday mobility. Built on
the revolutionary three-wheel Arcimoto Platform, our vehicles are
purpose-built for daily driving and local delivery, all at a
fraction of the cost and environmental impact of traditional
gas-powered vehicles. Based in Eugene, Oregon, the Arcimoto team is
dedicated to creating world-class EVs that make the world a better
place. For more information, please visit Arcimoto.com.
Safe Harbor / Forward-Looking StatementsExcept
for historical information, all of the statements, expectations,
and assumptions contained in this press release are forward-looking
statements. Forward-looking statements include, but are not limited
to, statements that express our intentions, beliefs, expectations,
strategies, predictions or any other statements relating to our
future activities or other future events or conditions. These
statements are based on current expectations, estimates and
projections about our business based, in part, on assumptions made
by management. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict and include, without limitation, our
expectations as to vehicle deliveries, the establishment of our
service and delivery network and our expected rate of production.
Therefore, actual outcomes and results may, and are likely to,
differ materially from what is expressed or forecasted in the
forward-looking statements due to numerous factors discussed from
time to time in documents which we file with the SEC. In addition,
such statements could be affected by risks and uncertainties
related to, among other things: our ability to manage the
distribution channels for our products, including our ability to
successfully implement our rental strategy, direct to consumer
distribution strategy and any additional distribution strategies we
may deem appropriate; our ability to design, manufacture and market
vehicle models within projected timeframes given that a vehicle
consists of several thousand unique items and we can only go as
fast as the slowest item; our inexperience to date in manufacturing
vehicles at the high volumes that we anticipate; our ability to
maintain quality control over our vehicles and avoid material
vehicle recalls; the number of reservations and cancellations for
our vehicles and our ability to deliver on those reservations;
unforeseen or recurring operational problems at our facility, or a
catastrophic loss of our manufacturing facility; our dependence on
our suppliers; changes in consumer demand for, and acceptance of,
our products: changes in the competitive environment, including
adoption of technologies and products that compete with our
products; the overall strength and stability of general economic
conditions and of the automotive industry more specifically;
changes in laws or regulations governing our business and
operations; costs and risks associated with potential litigation;
and other risks described from time to time in periodic and current
reports that we file with the SEC. Any forward-looking statements
speak only as of the date on which they are made, and except as may
be required under applicable securities laws, we do not undertake
any obligation to update any forward-looking statements.
Public Relations Contact:pr@arcimoto.com
Investor Relations
Contact:investor@arcimoto.com
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