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.