Arcimoto Nosedives Following $12M Equity Offering

Arcimoto Nosedives Following $12M Equity Offering
  • Arcimoto Inc FUV has priced its previously announced public offering of 4 million shares and warrants to purchase up to 4 million shares.
  • The shares can be purchased at a combined purchase price of $3.00 per share and accompanying warrant for aggregate gross proceeds of approximately $12 million.
  • The price represents a 50.9% discount on Arcimoto’s last close on January 17, 2023.
  • The warrants to be issued will have a five-year term, will be exercisable immediately, and will have an exercise price of $3.00 per share.
  • The closing of the offering is expected to occur on or about January 20, 2023.
  • The company intends to use the net proceeds from the offering for working capital and other general corporate purposes.
  • A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.
  • Price Action: FUV shares are trading lower by 59.80% at $2.46 on the last check Wednesday.

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