Elio Motors has consistently stated the importance of raising additional capital to reach its production goal. Since its inception, the company has successfully accomplished funding totaling approximately $96 million through angel funding, private placements and the most recent Regulation A+ crowd funding initiative and its subsequent public listing on the OTCQX.
“Throughout our history, we have been able to find a variety of funding opportunities to help us in our relentless quest to get to production,” Elio said. “We are now positioned to involve the expertise of Oppenheimer and Northland to continue the funding phase and expand on the momentum we continue to build.”
Among the company’s recent accomplishments:
- Elio Motors raised nearly $17 million in a Regulation A+ stock sale.
- Elio Motors stock began trading on the OTCQX market, making Elio Motors the first company to raise money through Regulation A+ and have its shares go public.
- Reservations for a place in line for a vehicle exceed 60,000, which equates to a pre-market size in excess of $433 million.
- Elio Motors completed the engineering for its E-Series test vehicles’ engine cradle, body panels, interior and chassis.
About Oppenheimer & Company
Headquartered in New York City, Oppenheimer provides access to capital and strategic advisory services to a wide range of corporate clients with a concentration on emerging growth companies. Oppenheimer’s professionals provide clients with a full range of products and services, including initial public offerings, follow-on offerings, convertible and preferred offerings, PIPEs, private placements, and M&A advisory services. The investment banking group focuses on key industry sectors, including technology, healthcare, energy, consumer, financial services and general industrial. In addition, Oppenheimer’s capital markets group is an active Wall Street sponsor for small and middle-cap growth companies, providing clients with exposure to a large number of institutional investors and a complementary retail brokerage system.
About Northland Capital Markets
Northland Capital Markets is the trade name for certain capital markets and investment banking services of Northland Securities, Inc., member FINRA/SIPC. Northland is a full-service capital markets group focused on growth companies and their institutional and accredited investors. Its investment banking services include public offerings of equity and convertible securities, PIPEs, CMPOs and registered direct offerings, private placements of equity and debt securities, and M&A advisory services. Northland’s research group provides in-depth research for leading small and mid-cap companies in growth sectors of the economy. The group has industry sector expertise in Business Services, Consumer, Energy, Healthcare, Industrial Growth, and Technology. Northland’s institutional sales and trading group provides active market making and trading support in its targeted sectors and coverage companies.
About Elio Motors
Founded by car enthusiast Paul Elio in 2009, Elio Motors Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The three-wheel Elio is engineered to attain a highway mileage rating of up to 84 mpg while providing the comfort of amenities such as power windows, power door lock, cruise control and air conditioning accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio’s first manufacturing site will be in Shreveport, La.
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing and performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company’s periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the Company on the date of this press release. Elio Motors assumes no obligation to update the information in this press release.
*MSRP for non-refundable reservations only and applies only until non-refundable and refundable reservations total 65,000. Total current reservations can be seen at: www.eliomotors.com. MSRP excludes destination/delivery charges, taxes, title, registration, and options/installation.