Buyer Beware.
Arcimoto, Inc. (NASDAQ: FUV) announced today that it has raised $4.5 million in funding and is now targeting production of three-wheel “Fun Utility Vehicles” for retail customers in Q1 2019. The expected base price is ~$12,000.
The financing, led by FOD Capital, LLC, included the purchase of 500,000 shares of Arcimoto’s common stock at a purchase price of $3.00 per share, as well as the issuance of a $3.0 million senior secured note, which bears 10% interest over a one-year term, and a warrant to purchase 942,857 shares of registered FUV common stock for $3.50 per share.
“This financing will allow Arcimoto to take the next critical step: the semi-automated manufacture, assembly, and delivery of our first retail vehicles,” claimed Mark Frohnmayer, President and Founder of Arcimoto. It will begin delivering on 3,250 customer pre-orders, (only $100 deposit is needed) as well as deploy rental fleets in key cities.
Arcimoto’s current pre-order deposits represent ~$49 million in anticipated sales revenue for the Company if the pre-order customers actually buy a $12,000 three-wheeler..
Arcimoto
Headquartered and manufactured in Eugene, Oregon, Arcimoto, Inc. claims it is devising new technologies and patterns of. Available for pre-order today, Arcimoto’s Fun Utility Vehicle is said to be one of the lightest and most affordable, electric vehicles.
“Except for historical information, all the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict,” said Arcimoto.
About Ken Zino
Ken Zino, publisher (kzhw@aol.com), is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
Zino is at home on test tracks, knows his way around U.S. Congressional hearing rooms, auto company headquarters, plant floors, as well as industry research and development labs where the real mobility work is done. He can quote from court decisions, refer to instrumented road tests, analyze financial results, and profile executive personalities and corporate cultures.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Arcimoto Get $4.5m to Make Golf-Cart Like EV
Buyer Beware.
Arcimoto, Inc. (NASDAQ: FUV) announced today that it has raised $4.5 million in funding and is now targeting production of three-wheel “Fun Utility Vehicles” for retail customers in Q1 2019. The expected base price is ~$12,000.
The financing, led by FOD Capital, LLC, included the purchase of 500,000 shares of Arcimoto’s common stock at a purchase price of $3.00 per share, as well as the issuance of a $3.0 million senior secured note, which bears 10% interest over a one-year term, and a warrant to purchase 942,857 shares of registered FUV common stock for $3.50 per share.
“This financing will allow Arcimoto to take the next critical step: the semi-automated manufacture, assembly, and delivery of our first retail vehicles,” claimed Mark Frohnmayer, President and Founder of Arcimoto. It will begin delivering on 3,250 customer pre-orders, (only $100 deposit is needed) as well as deploy rental fleets in key cities.
Arcimoto’s current pre-order deposits represent ~$49 million in anticipated sales revenue for the Company if the pre-order customers actually buy a $12,000 three-wheeler..
Arcimoto
Headquartered and manufactured in Eugene, Oregon, Arcimoto, Inc. claims it is devising new technologies and patterns of. Available for pre-order today, Arcimoto’s Fun Utility Vehicle is said to be one of the lightest and most affordable, electric vehicles.
“Except for historical information, all the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict,” said Arcimoto.
About Ken Zino
Ken Zino, publisher (kzhw@aol.com), is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. Zino is at home on test tracks, knows his way around U.S. Congressional hearing rooms, auto company headquarters, plant floors, as well as industry research and development labs where the real mobility work is done. He can quote from court decisions, refer to instrumented road tests, analyze financial results, and profile executive personalities and corporate cultures. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.