Arcimoto, Inc. announced a private placement to issue unsecured original issue discount promissory note for the gross proceeds of $600,000 on August 8, 2023. The transaction included participation from new individual investors Gregory Castaldo and Joseph Reda. The securities are issued in discount.

The Promissory Notes shall bear no interest until August 15, 2023 which is maturity date. The Company may prepay, in whole or in part, the principal sum under the Promissory Notes. The Promissory Notes were issued in a private placement in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.