secwatch.observer — SEC 8-K summary
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Issuer:     Arcimoto Inc (—)
CIK:        0001558583
Form:       8-K
Filed at:   2023-08-14T23:59:59+00:00
Accession:  0001213900-23-067155
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Arcimoto issues $660K principal OID promissory notes due Aug 15, 2023 for $600K net proceeds
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- Sold two unsecured OID notes to Gregory Castaldo and Joseph Reda, each $330K principal ($300K purchase price).
- Notes mature Aug 15, 2023, bear no interest until maturity, but accrue 18% after 3-day default grace.
- Proceeds used for capex and working capital; notes convertible into equity at $1 of principal per $1 of new offering price.
- Investors have MFN conversion rights in any subsequent equity offering while notes are outstanding.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1558583/000121390023067155/0001213900-23-067155-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1558583/000121390023067155/ea183550-8k_arcimoto.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-067155

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