Finance: Electric trike-maker Arcimoto is going public — here's a closer look at its $12,000 'Fun Utility Vehicle' (FUV)

It might be the ultimate city vehicle.

It's easy to tell the difference between a motorcycle and car, right? One has two wheels, one has four.

Except that there are now plenty of vehicles available that have three wheels.

There's the Can-Am Spyder, the Campagna Motors T-REX, and the Polaris Slingshot, to name a few. There's also the Elio, which recently paid a visit to out New York office.

Soon to join the party is the all-electric Arcimoto SRK (those aforementioned rides all run on gas), effectively a $12,000 tandem three-wheeler motorcycle that can be outfitted with a fully enclosed "cabin" or converted to delivery van duty.

Arcimoto is serious enough about its ambitions that it just launched an unusual type of IPO, selling stock for $6.50 per share and throwing the investment opportunity open to retail customers (versus a more conventional offering, in which only the pros would get in initially). The goal is to list the company on the Nasdaq exchange, and according to a statement, the company has undertaken that process.

“Our thesis since the beginning has been to develop an incredibly fun and highly useful vehicle at a disruptive price point the mass market can afford,” Mark Frohnmayer, President and founder of Arcimoto, said in a statement. “We believe the Arcimoto SRK will deliver on that vision: our target base model price of $11,900 is about a third of what a typical new electric car costs."

The offering is a bit off the grid, being handled by WR Hambrecht Co, a San Francisco-based investment bank that has taken companies public using an "Open IPO" model. Even the reserved ticker symbol is offbeat: FUV, for "Fun Utility Vehicle," Arcimoto's term for its electric trike. The IPO is what's known as a "Regulation A" offering.

It could raise as much as $28 million, according to reports.

I've sampled the T-REX and the Slingshot, which run on gas, as does the Spyder. Obviously, the SRK is something different.

It might be the ultimate city vehicle. And I checked it out:

(This post has been updated from its original version.)

Arcimoto swung by our Manhattan office for a curbside briefing and test drive last year. It was a lovely day. The Oregon-based startup has thus far taken about $8 million in funding and has worked through 8 prototypes of its vehicle.

They brought a pair of SRKs — one red and one blue.

That's Mark Frohnmayer, the founder. He's an entrepreneur who sold his previous company, GarageGames, before starting Arcimoto.

Another Arcimoto staffer piloted the second SRK. That's Jesse Fittipaldi, who leads business development for the company. I forgot to ask him if he's related to the famous Brazilian race-car driver, Emerson Fittipaldi.

The SRK is basically a tandem 3-wheeled motorcycle/maxi-scooter that can be operated open or with an enclosure.

It has a pair of electric motors, one for each front wheel. Arcimoto says the top speed is 85 mph, with a range of 70 miles. That range can be bumped to 130 miles with an upgraded battery. The SRK can be charged at 110V or 220V, and owners can buy a "briefcase" charger if they don't have, say a garage to charge the vehicle in.

There are basic motorcycle handlebars, a single information screen — and a cupholder!

The arrows indicate forward, reverse, and the dot is for park. Twist the right-hand grip toward you to give it some juice.

There's also a handbrake on this side, providing regenerative braking, plus an hydraulic foot brake for better stopping power and to hold the SRK on an incline.

The turn signal, horn, and hazard flashers are over on the other side. Price is $12,000. An additional $3,000 buys you an enclosure, to keep out the weather. Arcimoto is currently taking $100 deposits on its website.

Nothing fancy here, just the info. Gear, speed, charge. Do you need a motorcycle license or a helmet? It varies by state. No helmet needed in New York, and in California and Oregon — the first two markets for Arcimoto — no motorcycle license required.

The seats are relatively stylish and comfortable. They have criss-cross seat belts — you click twice.

Mark took the reigns first — it is his machine, after all. We were constantly asked by passers-by what it was and how much it costs.

Then I hopped on. Every time I check out an electric motorcycle-y kind of thing, I want to get one. The learning curve is practically non-existent.

Off we go! All we did was take the SRK — it stands for "Shark" — around the block. But I did enjoy some peppy electric-powered acceleration, and even though the front wheels stick out, it wasn't hard to negotiate turns. This thing is also a breeze to park just about anywhere. There's a small basket on the back to stash your stuff.

Frohnmayer says that the SRK was designed to be the ideal city vehicle. For me, it was pretty ideal for 15 minutes. It's going into production if the IPO brings in enough funds.

We're starting to see a lot of these relatively inexpensive alternate transportation vehicles hit the road. However, only time will tell if there's really a market for them. But they sure are fun!

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