At the end of September, the Arcimoto Reg A+ IPO to the NASDAQ was listed and is now trading with the ticker symbol NASDAQ:FUV (which stands for "Fun Utility Vehicle"). Arcimoto is the fifth Reg A+ IPO, to complete and list on a major exchange in the last four months.
Arcimoto is the second pure EV company to go public, the first being Tesla. The stock initiates at $6.50 per share , the offering has raised approximately $19 million. The implied company valuation at the listing price is $99 million.
Since participating in the 2010 Cleantech Open accelerator, Eugene, Oregon-based Arcimoto has spent a decade developing its 1,000-lb., 2-seat, 3-wheeled all-electric vehicle that the company calls a fun, useful, and affordable ($11,900) vehicle for the global mass market.
Arcimoto founder and President Mark Frohnmayer recognized the unique opportunity that the “Reg. A+IPO” offered to cleantech startup entrepreneurs who are appealing to the public interest from day one. “For companies, and for funders particularly, one of the big challenges of being an early-stage cleantech funder is you are really counting on someone coming in on the next stage. This provides a pathway where companies can make their appeals directly to the world versus having an intermediate layer of gatekeepers. There has already been a synergistic effect in that we have seen a big uptick in preorder reservations since we launched the IPO. So there is a very synergistic effect between sale of the product and sale of the stock,” said Frohnmayer.
By Cleantech Open on in National