EUGENE, Ore.--(BUSINESS WIRE)-- Arcimoto, Inc.® (NASDAQ:FUV), makers of affordable, practical, and joyful pure electric vehicles for everyday commuters and fleets, today announced the entry into agreements with an institutional investor relating to the sale of 1,132,075 shares of its common stock, priced above-the-market under Nasdaq rules at a price of $13.25 per share. The gross proceeds from the offering will be approximately $15 million before deducting commissions and estimated offering expenses.
A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.
The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital, acceleration of the manufacture of finished goods for delivery against pre-orders, and to address increased customer demand for its products.
The offering is expected to close on November 24, 2020, subject to satisfaction of customary closing conditions.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities described herein, nor will there be any sale of these securities in any state or other 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.
The shares are being offered by Arcimoto, Inc pursuant to an effective “shelf” registration statement previously filed with Securities and Exchange Commission (“SEC”) on October 3, 2018, and declared effective on October 17, 2018 by the Securities and Exchange Commission. The securities are being offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. The prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, 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 email@example.com.