Arcimoto, a Eugene-based electric vehicle company, made its debut on the Nasdaq stock exchange on Thursday.
In the first day of trading, 430,154 Arcimoto shares traded hands, with prices fluctuating between $4.91 and $6.34 a share, according to Nasdaq. Shares closed at $5.75 a share, down 75 cents from Arcimoto’s recent initial public offering price of $6.50 a share.
Also on Thursday, Arcimoto confirmed that it sold 3 million shares and raised $19.5 million in its IPO that closed last Friday.
“Today is a proud moment in our decadelong journey to design and develop a practical, efficient and affordable pure electric vehicle for the masses,” Arcimoto founder and President Mark Frohnmayer said Thursday in a press release.
“We are pleased to begin trading on the Nasdaq, offering liquidity to investors and a convenient path for the public to participate in our vision, our upcoming launch and our future growth and development.”
Thursday’s announcement came two days after Frohnmayer told The Register-Guard that Arcimoto had leased a 30,000-square-foot factory in Eugene, and the company hopes to produce at least 10,000 vehicles and employ hundreds of workers in 2019.
The company plans in the next couple of months to set up its factory at a yet-to-be-disclosed location in west Eugene and to manufacture 30-50 vehicles late this year and early next year, Frohnmayer said.
Arcimoto has 23 employees and plans to keep its headquarters in Eugene’s Whiteaker neighborhood.
The base model price of three-wheeled electric motorcycles is $11,900.
Arcimoto calls its motorcycle a “fun utility vehicle,” or FUV, which provided the inspiration for its Nasdaq ticker symbol.
The unusual, futuristic-looking vehicles have two seats and motorcycle handlebar-style steering.
The vehicles can travel 70 miles on a fully charged standard battery pack or 130 miles with an extended range battery. Arcimoto’s stock went public with a Regulation A+ offering, a new kind of public offering that blends aspects of traditional IPOs with online crowdfunding. Reg A+ offerings are open to the general public, not just wealthy accredited investors.
Arcimoto’s offering began in early August and it closed six weeks later on Sept. 15. It is the fifth Reg A+ IPO to list on a major stock exchange in the past four months, according to Forbes.
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