Electric car-maker Arcimoto stops production, posts stock offering for funds
The Eugene-based electric car manufacturer, Arcimoto. The company has also posted a stock offering through Friday to raise money.
In its January 17 filing with the U.S. Securities and Exchange Commission, Arcimoto says it’s halted production of its trademark Fun Utility Vehicles and will require -quote- “substantial additional funding” to resume production.
Arcimoto has also put up several million shares of its common stock with the aim of raising $12 million. The offer closes sometime Friday, with the disclaimer that industry changes, competition, and Arcimoto’s ability to obtain working capital financing could affect stock resale value.
In a release, the company says the net proceeds will “fund working capital and other general corporate purposes.”
It’s a dramatic about-face for the company, which opened a new 250,000 sq.ft. production space in February 2022.
The Portland Business Journal notes that Arcimoto lost $17 million in the quarter ending September 30th.