Arcimoto, inc. announces $6.7 million series d preferred stock and warrant offering
Eugene, ore., aug. 17, 2023 (globe newswire) -- arcimoto, inc.® (nasdaq: fuv) (“arcimoto” or the “company”), makers of purpose-built electric utility and consumer vehicles, today announced the entry into agreements with certain investors relating to the sale of up to 8,466 shares of its series d 8% convertible preferred stock and warrants to purchase up to 14,110,417 shares of common stock (collectively the “securities”) in a private placement, at a combined purchase price of $6,772,500, before deducting placement agent fees and other offering expenses (the “transaction”). for purposes of conversion into common stock, the series d 8% convertible preferred stock has a stated value of $8,465,625, which represents an original issue discount of 20%. the warrants to be issued will have an exercise price of $1.50 per share, a term of five years and will be exercisable upon the earlier of (i) the six-month anniversary or (ii) the date that the company has received shareholder approval of the transaction and the common stock underlying such warrants has been registered with the sec for resale.
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