Arcimoto announces pricing of $12M public offering

Arcimoto announced the pricing of its previously announced public offering of 4,000,000 shares of common stock and warrants to purchase up to 4,000,000 shares of common stock at a combined purchase price of $3.00 per share and accompanying warrant for aggregate gross proceeds of approximately $12 million, before deducting placement agent fees and other offering expenses. The warrants to be issued will have a five-year term, will be exercisable immediately, and will have an exercise price of $3.00 per share. The closing of the offering is expected to occur on or about January 20, 2023, subject to the satisfaction of customary closing conditions. We intend to use the net proceeds from the offering for working capital and other general corporate purposes. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.