EUGENE, Ore.--(BUSINESS WIRE)--Arcimoto® (Nasdaq: FUV), makers of the world’s first Fun Utility Vehicle™ (FUV) - an affordable and practical pure electric vehicle (EV) for everyday commuters and fleets, today announced that it has completed its initial public offering (IPO) under SEC Regulation A+, raising $19.5 million through the sale of 3 million shares of its common stock at a price to the public of $6.50 per share. Arcimoto also received approval to list on the Nasdaq Global Market and will begin trading today.
Arcimoto begin its offering in early August and completed it in six weeks. WR Hambrecht + Co served as the sole and exclusive underwriter for the Reg A+ IPO.
“Today is a proud moment in our decade-long journey to design and develop a practical, efficient and affordable pure electric vehicle for the masses,” said Mark Frohnmayer, President and founder of Arcimoto. “Our target of $10 million would have enabled us to execute the first phase of our go-to-production plan and deliver Arcimotos to our first customers. With the phenomenal support from our early-adopter customers, fans of the brand, and investors who believe in our mission to catalyze the shift to a sustainable transportation system, we raised twice our original goal. This will allow us to accelerate our plans to bring the first Fun Utility Vehicle to the world. We are pleased to begin trading on the Nasdaq, offering liquidity to investors and a convenient path for the public to participate in our vision, our upcoming launch and our future growth and development.”
The Arcimoto SRK is a three-wheeled electric motorcycle that defines the FUV category blending efficiency, maneuverability and the thrill of a two-wheeled transportation solution with the stability, weather protection and carrying capacity needed to be a functional daily replacement for a full-sized car with gear, optimal urban parkability, and ultra-efficient operation, at an affordable target base model price of $11,900. It sports a top speed of 80 mph, a range of 70 miles or 130 miles dependent on the model, and an efficiency of 230 MPGe. General availability is expected in Q2 2018. Interested consumers are encouraged to place a $100 refundable pre-order to reserve their Arcimoto SRK by visiting https://www.arcimoto.com/preorder/.
Headquartered and manufactured in Eugene, Oregon, Arcimoto is devising new technologies and patterns of mobility that together raise the bar for environmental efficiency, footprint and affordability. Available for pre-order today with a target purchase price of $11,900, Arcimoto’s SRK defines the Fun Utility Vehicle category: it’s the lightest, most affordable and performance-packed electric vehicle suitable for the daily driver. For more information please visit www.arcimoto.com
About WR Hambrecht + Co
WR Hambrecht + Co has been focused on opening the investing world to as many people as possible at fair market prices and was instrumental in reforming Regulation A to help accomplish that for growth companies and investors. Its Regulation A+ strategy is a continuation of the Hambrecht legacy of conducting small public offerings for what were once considered high-risk start-ups that are now household names and Fortune 500 companies. For more information please visit https://wrhambrecht.com/