Arcimoto Now Listed on Nasdaq: FUV
San Francisco, CA (September 21, 2017): WR Hambrecht + Co successfully completed a Regulation A+ offering for Arcimoto (FUV) – raising $19. 5 million for the makers of the worlds’ first Fun Utility VehicleTM – an affordable and practical pure electric vehicle for everyday commuters and fleets.
WR Hambrecht + Co served as the sole and exclusive underwriter for Arcimoto’s Reg A+ IPO and used its extensive network of broker-dealer partners to place 3 million shares at an offering price of $6.50 per share.
The Arcimoto Reg A+ IPO was qualified by the SEC on August 15, 2017 and the subscription period was closed on September 15. Arcimoto begins trading on the NASDAQ Capital Market on Thursday, September 21, 2017 under the ticker symbol FUV.
The use of proceeds will help fuel the full production of Arcimoto’s SRK. The Arcimoto SRK defines the Fun Utility Vehicle category, delivering a thrilling ride experience, exceptional maneuverability, full comfort for two passengers with gear, optimal urban parkability, and ultra-efficient operation, at an affordable target base model price of $11,900. It sports a top speed of 80 mph, a range of 70 or 130 miles (model-dependent), and an efficiency of 230 MPGe. General availability is expected in Q2 2018. Interested consumers are encouraged to place a $100 pre-order to hold their place in line at Arcimoto.com/preorder.
“We believe that Reg A+ IPOs, listed on a national exchange, hold a tremendous opportunity for all classes of investors, and we are pleased to be part of rebuilding the small cap market for these investors and for issuers of promising companies like Arcimoto” said John Hullar, Managing Partner at WR Hambrecht + Co.
The offering for Arcimoto (FUV) follows WRH+Co’s sole managed Reg A+ IPO for ShiftPixy (PIXY), which began trading on Nasdaq on June 30, 2017.
It is WR Hambrecht + Co’s contention that Regulation A+, introduced as part of the Jumpstart Our Business Startups (JOBS) Act, represents a totally new platform for providing growth capital to promising, early stage companies. And has the potential to stimulate the economy. The Reg A+ format confers several advantages to issuers, including the reach to a broader and greater number of investors, a more time efficient review process, and significantly lower costs to the issuer with combined legal and accounting fees for Arcimoto’s offering a fraction of the cost of a typical, fully registered S-1 offering.