EUGENE, Ore., Nov. 14, 2022 (GLOBE NEWSWIRE) — Arcimoto, Inc.® (“Arcimoto” or the “Company”) (NASDAQ: FUV), makers of rightsized, outrageously enjoyable, ultra-efficient electrical autos, in the present day introduced that it’ll impact a one-for-20 reverse inventory break up (“reverse split”) of its widespread inventory, no par worth (“Common Stock”), that may turn out to be efficient on November 29, 2022 at 5:01 p.m. EST, after the shut of buying and selling on The Nasdaq Global Market (“Nasdaq”). On November 30, 2022, the Common Stock will start buying and selling on a post-reverse break up foundation on Nasdaq beneath the present image “FUV.”
The reverse break up is primarily meant to convey Arcimoto into compliance with the minimal bid worth requirement for sustaining its itemizing on Nasdaq. The new CUSIP quantity for the Common Stock following the reverse break up shall be 039587209.
At Arcimoto’s particular assembly of stockholders on November 11, 2022 (the “Special Meeting”), Arcimoto’s stockholders accredited the proposal to authorize Arcimoto’s Board of Directors (the “Board”), in its sole and absolute discretion, to file a certificates of modification (the “Amendment”) to Arcimoto’s articles of incorporation to, amongst different issues, impact the reverse break up at a ratio to be decided by the Board, starting from one-for-five to one-for-20. On November 11, 2022, the Board accredited the reverse break up at a ratio of one-for-20 and the Amendment was filed with the Secretary of State of the State of Oregon, which is able to turn out to be efficient upon receipt by the Oregon Secretary of State. The reverse break up will turn out to be efficient on November 29, 2022 at 5:01 p.m. EST, after the shut of buying and selling on the Nasdaq.
The reverse break up will have an effect on all issued and excellent shares of Common Stock. All excellent choices, restricted inventory models, deferred inventory models, warrants, convertible notes and different securities entitling their holders to buy or in any other case obtain shares of Common Stock shall be adjusted consequently of the reverse break up, as required by the phrases of every safety. The quantity of shares accessible to be awarded beneath Arcimoto’s Second Amended and Restated 2012 Employee Stock Benefit Plan, Amended and Restated 2015 Stock Incentive Plan, 2018 Omnibus Stock Incentive Plan and 2022 Omnibus Stock Incentive Plan may even be appropriately adjusted. Following the reverse break up, the par worth of the Common Stock will stay unchanged at no par worth per share. The reverse break up is not going to change the licensed quantity of shares of Common Stock or most well-liked inventory, though the Amendment additionally elevated the quantity of licensed shares of Common Stock from 100,000,000 to 200,000,000. No fractional shares shall be issued in reference to the reverse break up, and stockholders who would in any other case be entitled to obtain a fractional share will as a substitute obtain one complete share of Common Stock in lieu of such fractional share.
The reverse break up will scale back the quantity of shares of Common Stock issued and excellent from roughly 51.2 million to roughly 2.6 million.
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 each day driving and native supply, all at a fraction of the fee and environmental impression of conventional gas-powered autos. Based in Eugene, Oregon, the Arcimoto staff is devoted to creating world-class EVs that make the world a greater place. For extra data, please go to Arcimoto.com.
Safe Harbor / Forward-Looking Statements
Except for historic data, all of the statements, expectations, and assumptions contained on this press launch are forward-looking statements. Forward-looking statements embrace, however should not restricted to, statements that categorical our intentions, beliefs, expectations, methods, predictions or every other statements referring to our future actions or different future occasions or situations, the Company’s means to fulfill the varied guidelines and necessities imposed by The Nasdaq Stock Market and unexpected technical points that would end in Arcimoto’s Common Stock not buying and selling on the Nasdaq on a post-reverse inventory break up foundation on November 30, 2022 as anticipated. These statements are primarily based on present expectations, estimates and projections about our business primarily based, partly, on assumptions made by administration. These statements should not ensures of future efficiency and contain dangers, uncertainties and assumptions which can be troublesome 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 prone to, differ materially from what’s expressed or forecasted within the forward-looking statements as a result of quite a few components mentioned on occasion in paperwork which we file with the SEC. In addition, such statements might be affected by dangers and uncertainties associated to, amongst different issues: our means to handle the distribution channels for our merchandise, together with our means to efficiently implement our rental technique, direct to client distribution technique and any further distribution methods we might deem applicable; our means to design, manufacture and market car fashions inside projected timeframes given {that a} car consists of a number of thousand distinctive gadgets and we are able to solely go as quick because the slowest merchandise; our inexperience up to now in manufacturing autos on the excessive volumes that we anticipate; our means to keep up high quality management over our autos and keep away from materials car remembers; the quantity of reservations and cancellations for our autos and our means to ship on these reservations; unexpected or recurring operational issues at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; modifications in client demand for, and acceptance of, our merchandise: modifications within the aggressive atmosphere, together with adoption of applied sciences and merchandise that compete with our merchandise; the general energy and stability of common 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 on occasion in periodic and present stories that we file with the SEC. Any forward-looking statements converse solely as of the date on which they’re made, and besides as could also be required beneath 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]
