Arcimoto Inc: Falls on $15 mln stock deal

Arcimoto

20/11/2020 15:59

** Shares of electric vehicle maker  FUV.O  tumbles 12.8% to
$13.95
    ** Company enters agreements with investors to sell ~1.1 mln
common shares at $13.25 a piece, which implies a discount of
~17% to stock's last close  urn:newsml:reuters.com:*:nBw9b6Nsfa
    ** Offer size represents ~5% of co's free float, according
to Refinitiv data
    ** Gross proceeds from the offering will be about $15 mln 
    ** FUV intends to use proceeds to speed up manufacturing of
finished goods for delivery against pre-orders and to address
higher customer demand  
    ** Shares have surged ~800% YTD

 (Reporting by Sohini Podder in Bengaluru)
 ((Sohini.Podder@thomsonreuters.com;))