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Arcimoto Inc (NASDAQ:FUV) shares are trading lower Thursday, pulling back after staging an impressive rally in recent trading sessions. Here's a look at what's going on.
What To Know: Despite Thursday's selloff, Arcimoto shares are still up nearly 60% over the last week. There appears to be a lack of company-specific news justifying the recent rally, but the selloff could be due to a number of developments.
Earlier this week, Arcimoto announced that it received notice from the Nasdaq regarding late filing of its quarterly report because the company has not yet filed financial results for the quarter ended Sept. 30.
According to a new regulatory filing, Arcimoto filed a notification of late filing with the SEC on Nov. 14 after determining that it was "unable, without unreasonable effort or expense," to file by the due date.
A new report from The Business Journals, highlights several negatives surrounding the EV company, including uncertain efforts to raise cash, dwindling cash reserves and more.
As of the end of the second quarter, Arcimoto had just $1.3 million in cash, down from $5 million on a year-over-year basis.
Arcimoto's price action also appears to be largely retail-driven. New reports suggest retail traders are starting to worry that the recent market resurgence is coming to a close. Some of the price action could be due to retail traders taking profits, given the massive price appreciation over the last week.
FUV Price Action: Arcimoto shares are down about 68% since the start of the year, but are up nearly 60% over the last week. The stock was down 25.2% at $1.04 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Arcimoto.
Posted In: FUV
