FUV - Arcimoto stock rises 5% before the bell on job cuts restructuring update
- Arcimoto ( NASDAQ: FUV ) on Thursday announced the next phase of its strategic restructuring plan, under which it cut operations spend and shed jobs to maximize shareholder value, sending its shares 4.9% higher before the bell.
- These actions are expected to reduce annual costs by ~$20M.
- The restructuring plan includes significantly increasing sales backlog, expanding vehicle delivery to new states, ramping up production and exploring all strategic alternatives.
- Arcimoto ( FUV ) also said it is now accepting orders from customers in New York, New Jersey, Pennsylvania, Maryland, Virginia, Georgia, and Washington D.C., with first deliveries expected in Nov.
- The firm said this marks its largest sales expansion ever.
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Arcimoto stock rises 5% before the bell on job cuts, restructuring update