Announcement • May 03
Arcimoto, Inc.(NasdaqGM:FUV) dropped from S&P TMI Index Arcimoto, Inc.(NasdaqGM:FUV) dropped from S&P TMI Index Announcement • May 01
Arcimoto, Inc.(NasdaqGM:FUV) dropped from NASDAQ Composite Index Arcimoto, Inc. has been removed from NASDAQ Composite Index . Announcement • Apr 28
Arcimoto Fails to Comply with Nasdaq Listing Rules 5450(a)(1), 5450(b)(1)(A), 5250(c)(1) and 5250(f) and Does Not Cure Such Failure and its Common Stock to be Delisted on May 1, 2024 On April 22, 2024, Arcimoto, Inc. (the ‘Company’) received a letter from the Listing Qualifications Staff (the ‘Staff’) of the Nasdaq Stock Market LLC (‘Nasdaq’) notifying the Company that its common stock is now subject to delisting from Nasdaq. The Company failed to comply with Nasdaq Listing Rules 5450(a)(1), 5450(b)(1)(A), 5250(c)(1) and 5250(f) and did not cure such failure. The common stock will be delisted on May 1, 2024 unless the Company requests an appeal, pays the $20,000 appeal fee and requests a stay of delisting, pending the hearing. The appeal panel will review any such request and notify the Company of its decision no later than 15 calendar days after the request. The Company also received notice it failed to maintain a minimum market value of publicly held shares of $15,000,000 for greater than 30 consecutive business days under Nasdaq Listing Rule 5450(b)(2)(c). If the Company regains this minimum market value for ten consecutive business days during the next 180 days, it will regain compliance. Announcement • Apr 02
Arcimoto, Inc. announced delayed annual 10-K filing On 04/01/2024, Arcimoto, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Nov 29
Arcimoto, Inc. Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q Arcimoto, Inc. announced that on November 22, 2023, it received a notice from The Nasdaq Stock Market LLC (‘Nasdaq’) stating that because the Company has not yet filed its quarterly report on Form 10-Q for the period ended September 30, 2023 (the ‘Form 10-Q’), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the ‘SEC’). The current notice will have no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Market, although there can be no assurances that further delays in the filing of the Form 10-Q will not have an impact on the listing or trading of the Company’s common stock. Nasdaq indicated that the Company must: (i) no later than January 22, 2024, submit a plan to regain compliance with respect to the filing requirement; and (ii) on or before May 20, 2024, file the delinquent Form10-Q. The Company intends to file the delinquent Form 10-Q as soon as practicable. Announcement • Nov 15
Arcimoto, Inc. announced delayed 10-Q filing On 11/14/2023, Arcimoto, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Oct 24
Arcimoto Receives Letter from the Listing Qualifications Staff of Nasdaq Regarding Not in Compliance with Nasdaq Listing Rule 5450(a)(1) On October 20, 2023, Arcimoto, Inc. received a letter from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the bid price of the Company’s common stock, no par value (the “Common Stock”), had closed below $1.00 per share for 30 consecutive business days and, as a result, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1), which sets forth the minimum bid price requirement for continued listing on the Global Market (the “Minimum Bid Requirement“). Nasdaq’s notice has no immediate effect on the listing of the Company’s Common Stock on Nasdaq. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days to regain compliance with the Minimum Bid Requirement. To regain compliance, the closing bid price of the Company's Common Stock must be at least $1.00 per share for a minimum of ten consecutive business days during this 180-day period, at which time the Staff will provide written notification to the Company that it complies with the Minimum Bid Requirement, unless the Staff exercises its discretion to extend this ten-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). In the event that Company does not regain compliance with the Minimum Bid Requirement prior to the expiration of the 180-day compliance period, the Company may be eligible for additional time to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(ii) by transferring to the Nasdaq Capital Market. To qualify, the Company would need to submit a Transfer Application and a $5,000 application fee before the end of the 180-day compliance period. In addition, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for initial listing on the Nasdaq Capital Market (except the bid price requirement) based on the Company’s most recent public filings and market information, and the Company must notify Nasdaq of its intent to cure this deficiency during the second compliance period by effective a reverse stock split if necessary. If the Staff concludes that the Company will not be able to cure the deficiency, or should the Company determine not to submit a transfer application or make the required representation, the Staff will provide notice that the Company’s securities will be subject to delisting. The Company intends to closely monitor the closing bid price of the Common Stock and consider all available options to remedy the bid price deficiency to regain compliance with the Minimum Bid Requirement. Announcement • Oct 20
Arcimoto, Inc. Announces Resignation of John W. Dorbin, Jr. as Chief Legal Officer and Secretary On October 16, 2023, Mr. John W. Dorbin, Jr., who has served as the Chief Legal Officer and Secretary of Arcimoto, Inc. notified the Company of his decision to resign from his position, effective October 19, 2023. Mr. Dorbin’s resignation from the Company is not due to any disagreement with the Company or any matter relating to any of the Company's operations, policies or practices. Announcement • Sep 09
Arcimoto, Inc. Announces Separation of Jesse A. Fittipaldi as President On September 1, 2023, Arcimoto, Inc. and Jesse A. Fittipaldi, President, mutually agreed that Mr. Fittipaldi would separate from the Company effective as of the same date. Announcement • Aug 22
Arcimoto, Inc. announced that it has received $6.7725 million in funding On August 21, 2023, Arcimoto, Inc. closed the transaction. Announcement • Aug 19
Arcimoto, Inc. to Report Q2, 2023 Results on Aug 24, 2023 Arcimoto, Inc. announced that they will report Q2, 2023 results After-Market on Aug 24, 2023 Announcement • Jun 13
Arcimoto, Inc. announced that it has received $2.494879 million in funding Arcimoto, Inc. announced that it has entered into an agreement with certain investors to issue 1,467,576 common shares at an issue price of $1.70 per share for the gross proceeds of $2,494,879.2 on June 12, 2023. The company also issued warrants to purchase up to 2,935,152 shares of Common Stock has an exercise price of $1.75 per share, will be exercisable six months after issuance subject to certain ownership limitations and will expire on the fifth anniversary of the date on which the Warrants become exercisable. The Company will pay the Placement Agent a cash fee equal to 5.0% of the aggregate purchase price paid by any and all Purchasers in connection with the sale of the Securities, and warrants to purchase a number of shares of Common Stock equal to 5% of the Shares. The Placement Agent Warrants have a five-year term, and are exercisable beginning six months after the closing of the transaction at a price of $1.87 per share. Additionally, a cash fee equal to 5.0% is payable to the Placement Agent within 48 hours of the receipt by the Company of any proceeds from the exercise of the Warrants. Announcement • May 31
Arcimoto, Inc. Announces Availability of the All-New Electric Modular Utility Vehicle Arcimoto, Inc. announced the availability of a new model offering, the Arcimoto MUV (Modular Utility Vehicle). This marks the first on-road modular utility vehicle in the company's lineup of small footprint electric vehicles for dedicated professional and commercial use. The Arcimoto MUV, built on the company's FUV platform, is a workhorse for daily indoor and outdoor use for industrial mobility customers who need to move goods, materials, supplies and equipment reliably, quietly and sustainably. Versatility to Go Anywhere, For Anyone The Arcimoto MUV is nimble by design and has the versatility to go anywhere -- indoors, outdoors, city streets, vineyards, warehouses, e-commerce fulfillment centers, with functional and flexible solutions for several industries including: Gornmenent and Municipalities - Homebuilders and HOAs, including Business and Residential Prorties - M Manufacturing and Warehousing - Colleges and Universities - Agriculture and Landscape - Construction - Aviation - Delivery. The Arcimoto MUV offers interchangeable bed configurations to support medium to light-duty load capacities and can also be equipped with customer-owned items or an ever growing list of MUV accessories for a number of applications. The rear cargo configurations include Carrier Package (open flat bed), Utility Package (traditional pick up bed), and Cargo Package (enclosed box) that allows for secure storage and maximum carrying capacity for various commercial transportation uses.ular accessories include: Basic or custom vinyl wraps for brand exposure, seatback organizer, "West Coast" half- doors, seat options and more. Pricing, Availability + To Build Your Own The Arcimoto MUV is available for purchase starting at a MSRP of $23,500 for the base Carrier Package. The vehicle can be equipped with the Utility Package at $299 or the Cargo Package add-on for $1,500 or both for full flexibility. Announcement • May 25
Arcimoto, Inc. Appoints Christina J. Cook as Chief Financial Officer Arcimoto, Inc. appointed Christina J. Cook, age 58, as Chief Financial Officer. Ms. Cook is a Partner with FLG Partners, LLC, a leading CFO services firm in Silicon Valley, where she has served for the last five years providing CFO services to a variety of clients across multiple industries. Ms. Cook has over 30 years of diversified experience, including Big 4 Public Accounting, Executive Management, Finance, SEC reporting, budgeting and planning, equity and debt offerings, mergers and acquisitions, SOX 404 implementation, litigation support, and initial public offerings. Her background includes knowledge of financial institutions, fintech, wealth management, non-profit, manufacturing, distribution, entertainment, and construction, and includes having lead SEC Reporting for Bank of America and serving as the Chief Financial Officer of Bank of Marin for nearly a decade. Ms. Cook holds a BA in Accounting from DePaul University and holds an active CPA license in the state of California. She is a recipient of the CFO Recognition Award from the North Bay Business Journal, the Most Influential Women in Bay Area Business from the SF Business Journal, and the Women in Business Award from the North Bay Business Journal. Ms. Cook has no familial relationships with any executive officer or director of the Company and there are no arrangements or understandings between Ms. Cook and any other persons pursuant to which Ms. Cook was selected as Chief Financial Officer. Announcement • May 16
Arcimoto, Inc. announced delayed 10-Q filing On 05/15/2023, Arcimoto, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jan 22
Arcimoto, Inc. has completed a Follow-on Equity Offering in the amount of $11.99993 million. Arcimoto, Inc. has completed a Follow-on Equity Offering in the amount of $11.99993 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,300,000
Price\Range: $3
Discount Per Security: $0.21
Security Name: Pre-Funded Warrants
Security Type: Equity Warrant
Securities Offered: 700,000
Price\Range: $2.9999
Discount Per Security: $0.21 Announcement • Jan 21
Arcimoto, Inc. is Heading Towards Bankruptcy Arcimoto, Inc. is heading towards bankruptcy, as of January 20, 2023. Arcimoto, Inc is expected to file a Chapter 11 bankruptcy petition within the next couple of days as it nears an agreement with existing creditors. The company is finalizing a reorganization pact with its largest creditors/ is leading towards a bankruptcy proceeding under Chapter 11 or Chapter 7. Reported Earnings • Nov 16
Third quarter 2022 earnings released: US$0.38 loss per share (vs US$0.31 loss in 3Q 2021) Third quarter 2022 results: US$0.38 loss per share (further deteriorated from US$0.31 loss in 3Q 2021). Revenue: US$2.02m (up 35% from 3Q 2021). Net loss: US$17.0m (loss widened 47% from 3Q 2021). Revenue is forecast to grow 108% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Auto industry in Europe. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Nancy Calderon was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 25
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Nancy Calderon was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2022 earnings released: US$0.44 loss per share (vs US$0.23 loss in 2Q 2021) Second quarter 2022 results: US$0.44 loss per share (down from US$0.23 loss in 2Q 2021). Net loss: US$17.4m (loss widened 111% from 2Q 2021). Over the next year, revenue is forecast to grow 1,112%, compared to a 10% growth forecast for the Auto industry in the United Kingdom. Breakeven Date Change • Jun 03
No longer forecast to breakeven The 5 analysts covering Arcimoto no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$4.48m in 2024. New consensus forecast suggests the company will make a loss of US$3.59m in 2024. Reported Earnings • May 17
First quarter 2022 earnings released: US$0.34 loss per share (vs US$0.13 loss in 1Q 2021) First quarter 2022 results: US$0.34 loss per share (down from US$0.13 loss in 1Q 2021). Net loss: US$13.0m (loss widened 173% from 1Q 2021). Over the next year, revenue is forecast to grow 1,279%, compared to a 10% growth forecast for the industry in the United Kingdom. Reported Earnings • Apr 02
Full year 2021 earnings released: US$1.30 loss per share (vs US$0.63 loss in FY 2020) Full year 2021 results: US$1.30 loss per share (down from US$0.63 loss in FY 2020). Net loss: US$47.6m (loss widened 163% from FY 2020). Over the next year, revenue is forecast to grow 473% while the industry in the United Kingdom is not expected to grow. Breakeven Date Change • Jan 01
Forecast to breakeven in 2024 The 4 analysts covering Arcimoto expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$4.56m in 2024. Average annual earnings growth of 63% is required to achieve expected profit on schedule. Reported Earnings • Nov 16
Third quarter 2021 earnings released: US$0.31 loss per share (vs US$0.15 loss in 3Q 2020) Third quarter 2021 results: Net loss: US$11.5m (loss widened 148% from 3Q 2020). Reported Earnings • Aug 21
Second quarter 2021 earnings released: US$0.23 loss per share (vs US$0.15 loss in 2Q 2020) Second quarter 2021 results: Net loss: US$8.25m (loss widened 123% from 2Q 2020). Breakeven Date Change • May 19
Forecast to breakeven in 2024 The 5 analysts covering Arcimoto expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$7.10m in 2024. Average annual earnings growth of 62% is required to achieve expected profit on schedule. Reported Earnings • May 19
First quarter 2021 earnings released: US$0.13 loss per share (vs US$0.15 loss in 1Q 2020) First quarter 2021 results: Net loss: US$4.74m (loss widened 32% from 1Q 2020). Reported Earnings • Apr 03
Full year 2020 earnings released: US$0.63 loss per share (vs US$0.85 loss in FY 2019) Full year 2020 results: Net loss: US$18.1m (loss widened 18% from FY 2019). Reported Earnings • Nov 20
Third quarter 2020 earnings released: US$0.15 loss per share The company reported a solid third quarter result with improved revenues and control over expenses, though losses increased. Third quarter 2020 results: Revenue: US$683.9k (up US$650.6k from 3Q 2019). Net loss: US$4.64m (loss widened 15% from 3Q 2019). Analyst Estimate Surprise Post Earnings • Nov 20
Revenue misses expectations Revenue missed analyst estimates by 32%. Over the next year, revenue is forecast to grow 581%, compared to a 6.0% growth forecast for the Auto industry in the United Kingdom.