Arcimoto Inc (NASDAQ:FUV) stock price opened higher on Wednesday, following the latest SEC filing (Form 8-K reviewed by Idaho Reporter).
We found out that on December 30, 2020, Arcimoto, Inc. entered into an agreement to purchase certain industrial buildings located within the City of Eugene, Oregon, on approximately 6.79 acres of land.
The Company has agreed to purchase the properties commonly known as 311 Chambers Street and 1480 West 3rd Avenue, from RLA Holdings, LLC for the total purchase price of Ten Million Two Hundred Fifty Thousand dollars ($10,250,000.00). Arcimoto also pledged $80,000 via a promissory note as earnest money for the transaction.
Closing is scheduled to occur on March 31, 2021 but may be extended depending on the results of the Arcimoto’s inspections. RLA Holdings, LLC will be permitted to rent back the 311 Chambers St property after closing for up to 6 months at a rate of $50,000 per month plus all utilities, taxes, insurance, and maintenance expenses.
Arcimoto will be getting a loan and will satisfy their financing contingencies during the property inspection period.