Arcimoto, Inc. Stock Price, News & Analysis

Arcimoto, Inc. (NASDAQ: FUV) has announced plans to offer common stock and warrants in a public offering, aimed at raising capital for working capital and other corporate purposes. The offering will depend on market conditions, and there is no guarantee regarding its completion or terms. A.G.P./Alliance Global Partners will act as the placement agent. This offering is authorized under a shelf registration statement already filed with the SEC. The detailed terms will be outlined in a prospectus supplement available through the SEC's website.

Faction Technology, Inc. has launched driverless delivery services in the San Francisco Bay Area, partnering with Cocola Bakery. The service utilizes lightweight electric vehicles from Arcimoto (NASDAQ: FUV) and ElectraMeccanica (NASDAQ: SOLO), ensuring reliable deliveries. Faction employs its DriveLink® and TeleAssist® technologies to enhance safety and efficiency. The company aims to expand its delivery network and plans to introduce services for additional commercial customers at a cost under $2 per mile, reinforcing its goal of revolutionizing micro-logistics.

Arcimoto (NASDAQ: FUV) has partnered with Faction Technology and GoCar Tours to develop up to 310 driverless electric vehicles. The initial pilot of 20 vehicles will launch at GoCar Tours in Las Vegas in 2023, with potential expansions to San Francisco, San Diego, and Barcelona. This collaboration combines Arcimoto’s electric vehicle technology with Faction’s driverless systems and GoCar’s innovative tourism model, promising a unique and sustainable exploration experience for customers. The project aims to enhance the tourism sector while paving the way for everyday driverless transportation.

Arcimoto has expanded its electric vehicle rental program significantly, now offering FUVs in multiple locations: Las Vegas, Los Angeles, Morro Bay, Orlando, and Amelia Island. This initiative aims to provide eco-friendly rental options in popular tourist areas, enhancing exploration without the carbon footprint of traditional vehicles. The company's Chief Experience Officer expressed excitement for future expansions. This marks a notable effort to increase accessibility to sustainable transportation.

Arcimoto, Inc. (NASDAQ: FUV) announced a one-for-20 reverse stock split effective November 29, 2022. This move aims to comply with Nasdaq's minimum bid price requirement. Post-reverse split, approximately 2.6 million shares will be outstanding, down from about 51.2 million. All existing options and securities will be adjusted accordingly. The reverse split will not affect the authorized share count, but it will increase the total authorized shares from 100 million to 200 million. The new CUSIP number will be 039587209.

Arcimoto, Inc. (NASDAQ: FUV) reported its Q3 2022 financial results, showing a 35% increase in revenues to $2 million compared to $1.5 million in Q3 2021. The company produced a record 150 FUVs, reflecting a 47% rise from previous records. Customer deliveries reached 74 vehicles, with an average sales price of $22,428. However, net loss increased to approximately $17 million, or ($0.38) per share, up from $11.5 million in the prior year. The company had $4.2 million in cash and $27.6 million in total liabilities as of September 30, 2022.

Arcimoto, Inc. (NASDAQ: FUV) plans to launch a new experience center, Arcimoto Kaua’i, at the Royal Sonesta Kaua'i Resort in December. This eco-friendly rental service aims to cater to over 100,000 monthly visitors, offering electric vehicles for tourists and locals. The initiative aligns with Kaua’i's sustainability focus, addressing limited rental car availability. Arcimoto Kaua’i is the fourth center for the company, alongside locations in Honolulu, Eugene, and San Diego. Vehicle deliveries in Hawaii are expected to commence in Q1 2023.

Arcimoto, Inc. (NASDAQ: FUV) announced a Special Shareholder Meeting scheduled for November 11, 2022, at 9:00 a.m. PST. Shareholders of record as of October 2, 2022, are encouraged to participate either in person or online. The company aims to discuss key business decisions and updates. A proxy statement is available for shareholders who have already voted. The meeting will be accessible via webcast, and a replay will be available for 60 days afterward. For more information, visit the Arcimoto investor relations website.