FUV - Arcimoto gets $2.5M financing via stock offering and private placement

2023-06-12 09:38:17 ET

• Arcimoto ( NASDAQ: FUV ) enters agreement with investors for the sale of ~1.47M shares in a registered direct offering and warrants to purchase ~2.94 shares at a combined purchase price of $1.70.
• Gross proceeds of ~$2.5M.
• The warrants to be issued will have an exercise price of $1.75 per share, a term of five years and six months and will be exercisable six months after their issuance.
• Closing is expected to occur on June 14, 2023.
• The company intends to use $250K of the net proceeds from the offering to repay indebtedness and to use the remainder of the proceeds for working capital and other general corporate purposes.

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