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.