Acrimoto, Inc. (FUV) Plunges 59% as Company Announces $12M Equity Offering
Acrimoto, Inc. (FUV), makers of electric vehicles, plunged 59% as the Company announced a public equity offering of $12M. The shares can be purchased at a price of $3.00 per share with an accompanying warrant. The price represents a 50.9% discount on last close of January 17, 2023 and is expected to close January 20, 2023.
The company has stated that they plan on using the net proceeds for working capital and other general corporate expenses.
FUV is a member of the PRISM Electric Vehicles Index, which fell 4.6%, the second lowest, behind Web 3.0.
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.