Arcimoto Announces $20 Million Registered Direct Offering

EUGENE, Ore., Sept. 01, 2022 (GLOBE NEWSWIRE) — Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, outrageously enjoyable, ultra-efficient electrical autos, introduced that on August 31, 2022, it entered right into a securities buy settlement with an institutional accredited investor to subject as much as $20 million mixture principal quantity of senior secured convertible notes (the “Notes”). The providing is predicted to shut on September 1, 2022, topic to customary closing situations. The Company presently intends to make use of the web proceeds from this providing for working capital and basic company functions.

The Notes can be payable in month-to-month installments starting October 1, 2022, will accrue curiosity at a price of 6 % per annum from the date of issuance, and can mature 24 months after the preliminary closing. $10.0 million mixture principal quantity of the Notes can be funded on the preliminary closing, and $10.0 million is predicted to be funded at a second closing which is topic to the shareholders of the Company approving the issuance of 20 % or extra of the Company’s frequent inventory to the investor in accordance with NASDAQ guidelines. The Notes can be convertible occasionally, on the election of the holders, into shares of the Company’s frequent inventory at an preliminary conversion value of $5.00 per share. Additionally, in reference to every issuance of the Notes, the Company will subject to the investor warrants to buy 500,000 shares of frequent inventory, an quantity equal to 25 % of the variety of shares that may be issued if the excellent principal quantity of the Notes issued at such closing is transformed. The warrants can be initially exercisable at $10.00 per share of the Company’s frequent inventory.

The securities are being supplied by the Company pursuant to an efficient shelf registration assertion on Form S-3 (File No. 333-261955), which was declared efficient by the U.S. Securities and Exchange Commission (the “SEC”) on January 13. A prospectus complement, when accessible, and accompanying base prospectus regarding the providing could also be obtained on the SEC’s web site, http://www.sec.gov. The Company is also submitting with the SEC at present a present report on Form 8-Ok that gives further particulars on the providing and the phrases of the Notes and Warrants.

This information launch doesn’t and shall not represent a proposal to promote or the solicitation of a proposal to purchase any securities, nor shall it represent a proposal, solicitation or sale in any jurisdiction through which, or to any individual to whom, such supply, solicitation or sale is illegal. The notes, the warrants and the shares of frequent inventory underlying the notes and the warrants might solely be supplied by the use of a prospectus.

For the most recent firm updates, please view our Q2 2022 Stakeholder Webinar. Follow Arcimoto on YouTube, Facebook, Instagram, Twitter, TikTok, and LinkedIn. Investor details about the corporate, together with press releases, stakeholder webcast replays, and extra could be discovered at http://arcimoto.com/ir.

About Arcimoto, Inc.
Arcimoto is a pioneer within the design and manufacture of rightsized, ultra-efficient, extremely enjoyable electrical autos for on a regular basis mobility. Built on the revolutionary three-wheel Arcimoto Platform, our autos are purpose-built for day by day driving, native supply, and emergency response, all at a fraction of the price and environmental influence of conventional gas-powered autos. Based in Eugene, Oregon, the Arcimoto crew is devoted to creating world-class EVs that make the world a greater place.

Safe Harbor / Forward-Looking Statements
Except for historic data, the entire statements, expectations, and assumptions contained on this press launch are forward-looking statements. Forward-looking statements embrace, however usually are not restricted to, statements concerning the anticipated closings of the providing, statements that specific our intentions, beliefs, expectations, methods, predictions or some other statements regarding our future actions or different future occasions or situations. These statements are primarily based on present expectations, estimates and projections about our business primarily based, partly, on assumptions made by administration. These statements usually are not ensures of future efficiency and contain dangers, uncertainties and assumptions which might be tough to foretell and embrace, with out limitation, our expectations as to car deliveries, the institution of our service and supply community and our anticipated price of manufacturing. Therefore, precise outcomes and outcomes might, and are more likely to, differ materially from what’s expressed or forecasted within the forward-looking statements on account of quite a few components mentioned occasionally in paperwork which we file with the SEC. In addition, such statements might be affected by dangers and uncertainties associated to, amongst different issues: situations precedent to the primary and second closings as described within the buy settlement, the Notes and the Warrants, our capacity to handle the distribution channels for our merchandise, together with our capacity to efficiently implement our rental technique, direct to client distribution technique and any further distribution methods we might deem applicable; our capacity to design, manufacture and market car fashions inside projected timeframes given {that a} car consists of a number of thousand distinctive gadgets and we will solely go as quick because the slowest merchandise; our inexperience so far in manufacturing autos on the excessive volumes that we anticipate; our capacity to keep up high quality management over our autos and keep away from materials car recollects; the variety of reservations and cancellations for our autos and our capacity to ship on these reservations; unexpected or recurring operational issues at our facility, or a catastrophic lack of our manufacturing facility; our dependence on our suppliers; modifications in client demand for, and acceptance of, our merchandise: modifications within the aggressive setting, together with adoption of applied sciences and merchandise that compete with our merchandise; the general energy and stability of basic financial situations and of the automotive trade extra particularly; modifications in legal guidelines or laws governing our business and operations; prices and dangers related to potential litigation; and different dangers described occasionally in periodic and present reviews that we file with the SEC. Any forward-looking statements communicate solely as of the date on which they’re made, and besides as could also be required underneath relevant securities legal guidelines, we don’t undertake any obligation to replace any forward-looking statements.

Public Relations Contact:
Megan Kathman
(651) 785-3212
[email protected]

Investor Relations Contact:
[email protected]