Arcimoto Announces $6 Million in Additional Funding By Investing.com

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Arcimoto Announces $6 Million in Additional Funding

Published Feb 22, 2023 09:12

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Arcimoto Announces $6 Million in Additional Funding

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Arcimoto , Inc.® (NASDAQ:FUV), makers of rightsized, ultra-efficient electric vehicles, announced today they received $6 million in additional funding by means of a real estate loan on their Eugene, Oregon factory. This additional financing comes shortly after the $12 million public offering that closed on January 20th. A portion of the net proceeds from the offering were used to repay the convertible note with 3i. The remaining funding will be used for working capital and general corporate purposes.

“We announced this week the start of 2023 production with new steering features and improvements on the FUV and Deliverator. This additional funding paired with our efforts in reducing vehicle costs and increasing sales gives the team practical confidence as we continue to focus on the growth of FUV and Deliverator programs,” said Jesse Fittipaldi, Arcimoto Interim CEO.

For the latest company updates, check out our Q3 Stakeholder Webinar. Follow Arcimoto on YouTube, Facebook, Instagram, Twitter, TikTok, and LinkedIn. Investor information about the company, including press releases, stakeholder webcast replays, and more can be found at https://arcimoto.com/ir.

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