|Company Name||Arcimoto, Inc.|
On March 23, 2021, Bonitas Research published a report alleging that Arcimoto had delivered “less than 5%” of the pre-orders it had touted since 2018 and that the Company’s largest customer is secretly owned and operated by an undisclosed related party, FOD Capital, LLC. Moreover, the report alleged that one day before Arcimoto touted a 90-day trial for first responder units in Orlando, the Company had filed a total production recall notice “due to safety issues with the electronic drivers in the vehicles which can ‘lead to unexpected battery shutdown and immediate loss of traction-power.’”
On this news, the Company’s stock price fell sharply during intraday trading on March 23, 2021.
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