Why Arcimoto Stock Is Getting Obliterated Wednesday

Arcimoto Inc FUV shares are trading lower by 61.76% to $2.34 Wednesday morning after the company announced pricing of its $12 million public offering.

The offering of 4,000,000 shares of common stock and warrants to purchase up to 4,000,000 shares of common stock will be at a combined purchase price of $3.00 per share and accompanying warrant for aggregate gross proceeds of approximately $12 million.

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Arcimoto says the closing of the offering is expected to occur on or about January 20, subject to the satisfaction of customary closing conditions.

The company intends to use the net proceeds from the offering for working capital and other general corporate purposes.

According to data from Benzinga Pro, FUV has a 52-week high of $156.40 and a 52-week low of $2.54.