Arcimoto, Inc.® (NASDAQ: FUV) makers of the Fun Utility Vehicle® (FUV®), Rapid Responder™, and Deliverator™, is pleased to announce the retirement of all of its convertible promissory notes with the repayment of an aggregate of approximately $769,000 of its notes and the conversion of $1.4 million of debt to equity at $4.25 per share. This is in addition to the $3.45 million senior secured note that was repaid on June 15, 2020. As a result, $5.6 million of debt and liabilities has been extinguished from the Company’s balance sheet, leaving the company debt free except for $1.6 million equipment capital lease financing as referenced in the Company’s 10-Q for the period ending March 31, 2020.
In connection to the retirement of its convertible notes, President and Founder Mark Frohnmayer and family members have converted approximately $619,000 at $4.25 per share.
“The elimination of debt coupled with the recent equity raise significantly strengthens our balance sheet as we move forward to the next stage of development of the Arcimoto endeavor,” said Mark Frohnmayer, CEO and Founder of Arcimoto. “This follows on the heels of our recent deployment of Deliverator™ pilot vehicles for ultra-efficient, pure electric last-mile delivery. As an investor, I have never been more enthusiastic about the venture. Converting the entirety of my debt holdings to equity was an easy call.”
Additional details about the debt conversion are available in the Company’s Form 8-K filed with the Securities and Exchange Commission today, which is available on the Company’s website and at www.sec.gov.
Arcimoto (NASDAQ: FUV) is developing ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers on the West Coast, the Arcimoto FUV is purpose-built for the task of everyday driving and transforms the daily commute into a pure-electric joyride. Available for preorder, the Deliverator and Rapid Responder provide specialized delivery and emergency response services, respectively, at a fraction of the economic and ecological costs of traditional gas-powered vehicles. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.