P5 Launch, Stock Sale Highlight Big Week at Elio Motors
At Elio Motors, we are trying to change the world.
Yes, it sounds like a big, lofty goal. But, it’s true. We are building a vehicle that will create jobs, reduce our dependence on foreign oil and help lift people out of poverty by providing low-cost mobility to get to a job.
We know people like you – our fans and reservation holders – believe in these big goals, too. Your enthusiasm and support are a big part of what keeps us going everyday. In the spirit of the Thanksgiving season, we want to let you know how thankful Elio Motors is for each and every one of you.
Obviously, we are working everyday to reward your support by getting the vehicle into production. Last week, we took two giant steps forward. On Thursday, Nov. 19, we announced the launch of the P5 prototype at the Los Angeles Auto Show. Then, on Friday, Nov. 20, we launched a formal stock offer to raise $25 million.
It was probably the two most exciting back-to-back days we’ve ever had! Here’s a recap:
P5 Launch Garners Media Accolades
Elio Motors is exhibiting at the Los Angeles Auto Show public days this week. But, things got started during media days on Nov. 18 and 19. On day one, we kept the P5 under wraps – literally behind a black curtain and under a tarp – to help build anticipation for the news conference on day two.
At the news conference, we drew a curious crowd of more than 100 industry media and interested onlookers to hear Paul talk about the P5. This is the first Elio Motors prototype to feature our own engine, built from the ground up by IAV.
We also were included in several stories that referred to the “Top 10 Hot Cars at the LA Auto Show.” One media outlet referred to the Elio as one of the show’s “hottest vehicles” in the same breath as Porsche. We’ll never match the speed and power, but it’s nice to know those within the automotive industry think we have panache’.
The next day, we kept the momentum going by announcing the launch of our formal stock offering based on Regulation A+. As you know, funding remains critical to reaching our long-term goals and this stock offering is a significant step in the right direction.
We launched the “testing the waters” phase of our equity crowdfunding strategy on June 19 of this year. Since then, we received non-binding expressions of interest of more than $46 million, or 183 percent of our $25 million goal.
Exclusive Window for Those Who’ve Expressed Interest is Live
With that much potential interest in the stock offering, we wanted to make sure those who had expressed interest by reserving shares had every opportunity to make a stock purchase. On Friday, Nov. 20 at 3 p.m. PST, our stock sale went live, with an exclusive window for people who had already reserved sharesduring the “testing the waters” phase that spans seven business days. This window goes from Nov. 20 through Dec. 2 at 3 p.m. PST.
It is important to note that a vehicle reservation is not the same as a non-binding expression of interest in making a stock purchase. We have heard from many of our Elio vehicle reservation holders that you might be interested in making a stock purchase in the future. If we have not reached our $25 million goal by Dec. 2 at 3 p.m. PST, the general public will be informed as to when the opportunity to purchase stock comes available.
These are exciting times for Elio Motors and our fans. Reservations have topped 47,500, the P5 introduction was a success and we’ve launched a formal stock offer. Again, thank you for your support as we continue this important journey. We look forward to keeping the momentum moving forward toward our ultimate goal!