Arcimoto shares fall after co announces strategic restructuring

Arcimoto

29/09/2022 18:43

** Shares of electric vehicle maker Arcimoto Inc  FUV.O 
down 5.7% at $1.42
    ** Co announces a strategic restructuring plan with the
objective of focusing operations on immediate revenue-driving
programs
    ** Expects a 32% decrease in payroll expenses through a
combination of temporary furloughs & permanent workforce
reductions
    ** Says some long-term projects have been put on hold for
the immediate future
    ** Today’s cost restructuring is a direct response to the
macroeconomic environment conditions and supply chain issues we
are facing - FUV interim CEO 
    ** As of last close, FUV down 81.4% YTD 
 (Reporting by Vansh Agarwal)
 ((Vansh.Agarwal@thomsonreuters.com;))