Second Ultra-light Carmaker Seeks to Tap Reg A Market

An Oregon-based concept car company has been qualified by the Securities and Exchange Commission to raise $29.9 million through a Tier 2 Regulation A offering. Arcimoto is selling 4,600,000 shares at $6.50 through an exclusive underwriting agreement with WR Hambrecht + Co. The company plans to list on Nasdaq’s Capital Market.

Arcimoto was founded in 2007 to catalyze the shift to a sustainable transportation system. The name Arcimoto means “Future I Drive”. The company’s three-wheel vehicle, call the SRK, is expected to have exceptional maneuverability, room for two passengers with gear, city parking ability, and ultra-efficient operation. The company is targeting the low end of the market with a target base model price of $11,900. Offering docs compare the SRK to an Elio, the ultra-light car proposed by Elio Motors, the first Reg A issuer to be listed for secondary trading.

Mark Frohnmayer, the company CEO, founded Arcimoto in 2007. Prior to that, he was the President and Founder of GarageGames, a software development company that he sold to IAC in 2007.

Since then Arcimoto has invested $10 million to develop its ultra-light car. The company plans to apply for a low-cost loan from the U.S. Department of Energy to help finance the manufacture of the SRK, according to research on the company published by Zacks.

Chicken Soup for the Soul Entertainment

Chicken Soup for the Emerging Growth Market: Media Company Completes Largest Reg A Offering Ever, Lists on Nasdaq

Chicken Soup for the Soul Entertainment (CSSE), a provider of “positive” family-friendly video content under the name of the popular self-help book publisher, became the first Reg A issuer to list on Nasdaq’s Global Market last week, debuting August 18 after quickly closing a $30 million offering – the largest Reg A offering ever completed.