Arcimoto, Inc. (NASDAQ: FUV) announced today that it has raised $4.5 million in funding and is now targeting production of three-wheel “Fun Utility Vehicles” for retail customers in Q1 2019. The expected base price is ~$12,000.
The financing, led by FOD Capital, LLC, included the purchase of 500,000 shares of Arcimoto’s common stock at a purchase price of $3.00 per share, as well as the issuance of a $3.0 million senior secured note, which bears 10% interest over a one-year term, and a warrant to purchase 942,857 shares of registered FUV common stock for $3.50 per share.
“This financing will allow Arcimoto to take the next critical step: the semi-automated manufacture, assembly, and delivery of our first retail vehicles,” claimed Mark Frohnmayer, President and Founder of Arcimoto. It will begin delivering on 3,250 customer pre-orders, (only $100 deposit is needed) as well as deploy rental fleets in key cities.
Arcimoto’s current pre-order deposits represent ~$49 million in anticipated sales revenue for the Company if the pre-order customers actually buy a $12,000 three-wheeler..
Headquartered and manufactured in Eugene, Oregon, Arcimoto, Inc. claims it is devising new technologies and patterns of. Available for pre-order today, Arcimoto’s Fun Utility Vehicle is said to be one of the lightest and most affordable, electric vehicles.
“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,” said Arcimoto.