Shares in electric vehicle manufacturer Arcimoto plunged Wednesday after the company announced it has shut down production at its Eugene factory because it is nearly out of money.

Arcimoto moved to sell $12 million in additional shares at $3 each – less than half of Tuesday’s closing price. The stock plunged nearly 60% in morning trading, to $2.51.

“We have halted our production of vehicles and will require substantial additional funding to resume production,” Arcimoto warned in a regulatory filing accompanying the stock offering. The company warned that financing may not be available on any terms, and if not, “we will be required to cease our operations and/or seek bankruptcy protection.”

Arcimoto makes a three-wheel electric motorcycle it calls the Fun Utility Vehicle, or FUV. It was briefly among Oregon’s most highly publicized young companies, with a market value that peaked above $1 billion in 2021. The company is now worth less than $7 million.

Arcimoto struggled against supply chain issues as its new factory opened last year, and it’s never been clear that its FUVs have mass-market appeal.

Arcimoto laid off 50 and furloughed another 66 employees last fall to cut costs. But that hasn’t been enough. Subsequent financial filings revealed the company’s bank account has frequently been close to empty and it’s had to sell additional shares to stay afloat, diluting existing investors’ stake.

Among the tumult, the company abruptly replaced founder and CEO Mark Frohnmayer last year after his arrest for driving one of Arcimoto’s vehicles while intoxicated.

The company produced just 252 over the most recent six months for which Arcimoto reported results and delivered just 115 to customers.

For the third quarter, which ended in September, Arcimoto reported $2 million in revenue. The company lost $17 million during the period.

Arcimoto said in October it was seeking “strategic alternatives,” employing a euphemism companies use when they put their business up for sale. But no buyer has emerged for the rapidly dwindling business.