3-Wheel EV Maker Arcimoto Files For IPO
Arcimoto announced an IPO filing under SEC Regulation A, with a goal to secure up to $9.3 million and fuel final development and production of its SRK electric three-wheeler.
The SRK is to be available in two versions, good for either 70 or 130 miles range, with a top speed of 80 mph and a acceleration time to 60 mph in just 7.5 seconds.
The previous date for a 50-unit pilot and market launch was late 2016 – which obviously didn’t happen.
The base price of the SRK stands at $11,900, but according to IPO details, the average price will be more like $15,000, while the cost should be at around $10,500.
Key uses of proceeds to be:
- Complete design and testing of the SRK.
- Build in the Phase 1 assembly facility and start production.
- Prepare for scale manufacture.
Here are details of the announcement and pdf.
“Arcimoto®, makers of the world’s first Fun Utility Vehicle™ — an affordable and practical pure electric vehicle for everyday commuters and fleets, has filed its Form 1-A Offering Circular for the offering of common stock under SEC Regulation A, setting the stage for a potential future listing on the NASDAQ Capital Market. The relatively new changes to Regulation A provide a more capital-efficient pathway for market-entry technology companies, like Arcimoto, to offer equity to the general public. WR Hambrecht + Co is acting as the sole and exclusive underwriter for the Reg A+ IPO for Arcimoto.”
“Arcimoto was founded in 2007 to catalyze the shift to a sustainable transportation system. The name Arcimoto means “Future I Drive,” and it is the company’s aspiration to devise new technologies and patterns of mobility that raise the bar for environmental efficiency, footprint and affordability. Arcimoto plans to achieve its mission by replacing the global urban and suburban use of 4,000 lb. internal combustion engine vehicles for regular daily trips with the Arcimoto SRK®, a pure electric solution that is a quarter of the weight, a third the purchase cost, and ten times as efficient as the U.S. average passenger car.
The Arcimoto SRK defines the Fun Utility Vehicle category. The SRK delivers a thrilling ride experience, exceptional maneuverability, full comfort for two passengers with gear, optimal urban parking flexibility, and estimated 230 MPGe ultra-efficient operation — all at an affordable target base model price of $11,900. Arcimoto has taken the SRK from a napkin sketch, through eight generations of product development, to a refined design on the cusp of series production and market availability. As we shift to a self-driving future, the Arcimoto SRK platform will provide the low cost, ultra-efficient foundation for urban fleet autonomy as well.”
John Hullar, Managing Partner, WR Hambrecht + Co. said:
“Our team is excited and honored to support this offering from Arcimoto, because their vehicles hold the potential to create a significant paradigm shift in how we all think about mobility. This could represent a tremendous opportunity for all classes of investors. We are pleased to represent the Arcimoto Reg A+ IPO and we look forward to bringing this offering to the market.”
Mark Frohnmayer, CEO and founder of Arcimoto said:
“We inherently recognize that it is no longer sustainable for our wallets, our communities or our environment to commute five miles to work alone or drive to the store to pick up a gallon of milk in a three ton, $50,000 SUV. At Arcimoto, we’re out to rightsize transportation. The SRK platform is exhilarating to drive, affordable for virtually everyone, hyper-efficient, and eco-friendly for our communities and our planet. We are delighted to bring this opportunity to everyday investors around the world via today’s filing.”