Arcimoto Announces $6 Million in Additional Funding
Arcimoto, Inc. (NASDAQ: FUV) announced that it secured $6 million in additional funding via a real estate loan for its Eugene, Oregon factory, shortly after closing a $12 million public offering on January 20, 2023. Part of the offering's proceeds were used to repay a convertible note. The company plans to utilize the new funds for working capital and general corporate purposes. Interim CEO Jesse Fittipaldi highlighted the start of 2023 production with enhanced features for the FUV and Deliverator models, underscoring a commitment to reduce vehicle costs and bolster sales.
- Secured $6 million in additional funding through a real estate loan.
- Completed $12 million public offering on January 20, 2023.
- New funding will support working capital and corporate purposes.
- Production for 2023 has commenced with new steering features.
- Focus on reducing vehicle costs and increasing sales.
- None.
Additional funding comes shortly after closing a
EUGENE, Ore., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, ultra-efficient electric vehicles, announced today they received
“We announced this week the start of 2023 production with new steering features and improvements on the FUV and Deliverator. This additional funding paired with our efforts in reducing vehicle costs and increasing sales gives the team practical confidence as we continue to focus on the growth of FUV and Deliverator programs,” said Jesse Fittipaldi, Arcimoto Interim CEO.
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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 Statements
Except for historical information, all 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
FAQ
What recent funding announcement did Arcimoto (FUV) make on February 22, 2023?
How much money did Arcimoto raise from their public offering on January 20, 2023?
What will the new funding be used for at Arcimoto?
What new features were introduced in Arcimoto's vehicles for 2023?
