Arcimoto plunges on deep-discounted $12 mln stock offering

Arcimoto

18/01/2023 13:52

** Shares of Arcimoto Inc  FUV.O  plunge 62% to record low
$2.32 premarket as leisure-focused EV maker raises equity at
deep discount
    ** Co sells 4 mln shares and warrants to buy up to another 4
mln shares at $3, 51% discount to stock's last close
 urn:newsml:reuters.com:*:nGNXc1rzP8
    ** Co plans to use net offering proceeds for working
capital, general purposes
    ** FUV has 2.6 mln shares outstanding and 2.2 mln shares of
public float, per Refinitiv
    ** FUV's stock closed up 31% on Tues, its biggest one-day
advance since Nov 2020, extending gain in 2023 to 85%
    ** Alliance Global Partners sole placement agent for equity
offering
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))