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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 19, 2022
ARCIMOTO, INC.
(Exact name of registrant as specified in its charter)
Oregon
(State or other jurisdiction of incorporation)
| 001-38213 |
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26-1449404 |
| (Commission |
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(IRS Employer |
| File Number) |
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Identification No.) |
2034 West 2nd Avenue, Eugene, OR 97402
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including
area code (541) 683-6293
(Former name or former address, if changed since
last report.)
Securities registered pursuant to Section 12(b)
of the Act:
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
| Title of Each Class |
|
Trading Symbol(s) |
|
Name of Each Exchange on Which
Registered |
| Common stock, no par value |
|
FUV |
|
Nasdaq Capital Market |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 8.01 Other Events.
On September 19, 2022, Arcimoto,
Inc. (the “Company”) distributed a newsletter that provided a general update on the Company. A copy of the newsletter is attached
and incorporated herein by reference.
Caution With Respect To Forward-looking Statements:
Except for historical information,
all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements
include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements
relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates
and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance
and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to
product deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes
and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous
factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and
uncertainties related to, among other things: our ability to manage the distribution channels for our products, including our ability
to successfully implement our rental strategy, direct to consumer distribution strategy and any additional distribution strategies we
may deem appropriate; our ability to design, manufacture and market vehicle models within projected timeframes given that a vehicle consists
of several thousand unique items and we can only go as fast as the slowest item; our inexperience to date in manufacturing vehicles at
the high volumes that we anticipate; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; the
number of reservations and cancellations for our vehicles and our ability to deliver on those reservations; unforeseen or recurring operational
problems at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; changes in consumer demand
for, and acceptance of, our products: changes in the competitive environment, including adoption of technologies and products that compete
with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically;
changes in laws or regulations governing our business and operations; costs and risks associated with potential litigation; and other
risks described from time to time in periodic and current reports that we file with the SEC. Any forward-looking statements speak only
as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation
to update any forward-looking statements.
Item 9.01. Exhibits.
(d)
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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ARCIMOTO, INC. |
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| Date: September 19, 2022 |
By: |
/s/ Jesse Fittipaldi |
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Jesse Fittipaldi |
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Interim Chief Executive Officer |
EXHIBIT INDEX
Exhibit 99.1
Good day everyone. I want to take a moment to talk about what is going
on this quarter at Arcimoto and within the industry. I want to convey to you, our stakeholders, why I believe wholeheartedly in the market
opportunity in front of us at Arcimoto. Aside from the Q2 Earnings Webinar, this is my first opportunity to address you all as Interim
CEO of Arcimoto. It is a pleasure to make your acquaintance. |
 |
I just returned home from the Micromobility Conference in San Francisco.
I am going to use this conference as an indicator of market opportunity and industry trends and share what I learned.
First, I had the opportunity to speak on a panel moderated by Micah
Toll of Electrek, a longtime Arcimoto follower and genuinely awesome human. Panelists included David Hyman, CEO of Unagi, a scooter company
based out of San Francisco, and Kevin Mclaughlin, CEO of Zygg, an electric bike company based out of Toronto, to discuss sales models:
Direct to Consumer vs Retail vs Subscription. What I found intriguing is that Unagi stated they are getting 20 subscribers to every one
or two sales. I would never have guessed the two models would have that wide of a gap in interest.
It made me wonder how many folks would be interested in a subscription
model for Arcimoto. How many of you would be interested in that model and what would you pay per month? Send us an email to info@arcimoto.com
with your thoughts.
In addition to the panel, Arcimoto had a display booth which we shared
with our partner Faction. We have discussed our partnership with Faction many times and they have demonstrated their driverless technology
running on our platform at our events. As their technology involves autonomy, the end goal may have appeared lofty and distant to many
of you. I’m here to tell you that I believe there is a customer base out there that is willing to pay for a product and service
that is enabled with Faction’s approach of autonomy combined with remote human assistance.
Who else believes this is true? Nuro was at the conference. With a
possible valuation around $8 billion dollars, they just announced a deal with Uber to deliver stuff for them over the next 10 years. That
is a huge validation.
“Uber and Nuro Announce 10-Year Partnership for Autonomous
Food Deliveries Starting in California and Texas”* - Sep 8, 2022
Also this week, Magna, the giant corporation specializing in vehicle
manufacturing and supply chain for OEMs, announced their partnership with Cartken to launch small form factor autonomous delivery. More
validation.
“Magna and Cartken to Collaborate on Autonomous Delivery
Robots”** - Sep 7, 2022
I will tell you, Faction technology on the Arcimoto platform does what
these mega companies are going after, at a competitive price. We hope to be on the road with our own major partnerships generating revenue
in the very near future. This has been one of my personal dreams for Arcimoto since joining in 2015.
Company Update
As we discussed in our last Quarterly Webinar, the Arcimoto Team is
focused on increasing revenue generation through our sales and rental channels. Our KPIs are looking good and show a scalable opportunity.
We now have insight into where and how well, or not well, our revenue streams are working so we can improve them or abandon them. We will
go over this in detail in our Q3 Webinar in November.
Everyday, we focus on tackling the supply chain challenges that face
our production team, and present hurdles to manufacturing vehicles at our planned cadence. I am really proud of the Team and their ability
to keep performing through the COVID disruption to deliver vehicles to customers and our rental operations.
As stated on the call, our overall scale strategy is to set a production
cadence that we can plan to, increasing production and sales at a reasonable slope and over a reasonable amount of time, to get to the
quarter where we begin self funded operations as efficiently as possible. I will shoot a video with Nico on our newly minted IR YouTube
channel soon, to provide more detail around this strategy, as it is key to our capital efficiency and the health of the company.
The Team is also majorly focussed on landing a commercial sales contract
and starting a new revenue stream through our partnership with Faction, as discussed above.
Key Takeaways
Arcimoto continues to work to increase sales, rental revenue, and vehicles
produced every quarter.
Arcimoto continues to focus on larger market validating projects that
generate larger scale revenue and move us faster towards self funded operations.
Arcimoto continues to focus on making a meaningful removal of carbon
from our transportation system.
All of this translates into more vehicles being delivered to happy
customers.
Thank you for your time and I look forward to connecting with you more
regularly,
Jesse Fittipaldi
Interim CEO, Arcimoto
Unagi Scooters
Zygg E-bikes
| * | Uber and Nuro Announce 10-Year Partnership for Autonomous Food Deliveries Starting in California
and Texas |
| ** | Magna and Cartken to Collaborate on Autonomous Delivery Robots |
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