As expected, Arcimoto has successfully listed on the NASDAQ under ticker symbol “FUV” for “Fun Utility Vehicle”. Arcimoto was able to launch a “mini-IPO” by utilizing updated securities rules created by the JOBS Act of 2012. Arcimoto raised $19.5 million crowdfunding under Reg A+, selling 3 million shares to the public at a price of $6.50 per share. Arcimoto begin its offering in August and completed it in six weeks. WR Hambrecht + Co served as the sole and exclusive underwriter for the Reg A+ IPO. Shares, initially, traded slightly lower during the day.
Arcimoto is now part of a small, but growing, group of companies that have raised money by crowdfunding soon followed by a listing on a national exchange.
“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 seeks to redefine transportation as an affordable and economical auto replacement. The vehicle has a top speed of 80 mph, a range of 70 miles or 130 miles dependent on the model, and an efficiency of 230 MPGe. Wide availability is expected in Q2 2018.
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