Published on 22 Feb 2023 on Benzinga via Yahoo Finance
Arcimoto Secures $6M In Additional Funding Via Real Estate Loan
Arcimoto Inc (NASDAQ: FUV) has received $6 million in additional funding by means of a real estate loan on their Eugene, Oregon factory.The additional financing comes shortly after the $12 million public offering closed on Jan. 20, 2023.The company used a portion of the net proceeds to repay the convertible note with 3i. The remaining funding will be used for working capital and general corporate purposes.Also Read: Arcimoto Registers 20% Sequential Growth In Q4 Deliveries"This additional funding paired with our efforts in reducing vehicle costs and increasing sales gives the team practical confidence as we continue to focus on the growth of FUV and Deliverator programs," said Jesse Fittipaldi, Arcimoto Interim CEO.Price Action: FUV shares are trading lower by 1.61% at $1.83 on the last check Wednesday.
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