Elio Motors Seeks to Raise $100 Million
Company Intends to list on the NASDAQ Global Market
PHOENIX, August 3, 2017 – Elio Motors, Inc. (OTC QX: ELIO), a startup vehicle manufacturer planning to launch a three-wheeled vehicle, with a targeted base price of $7,450, that will get up to 84 mpg, today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Elio Motors intends to list its common stock on the NASDAQ Global Market under the ticker symbol “ELIO.”
Drexel Hamilton LLC will serve as lead manager in the offering.
The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus, when available, may be obtained from Drexel Hamilton LLC, 77 Water Street, New York, NY 10005, Attention: Eda Kouch, Telephone: 212-632-0404, Email: [email protected]
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 air conditioning and cruise control, accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio’s first manufacturing site will be in Shreveport, Louisiana.
This press release contains forward-looking statements, including statements about the proposed offering. Actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of risk factors and uncertainties discussed in documents filed by Elio Motors with the SEC. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.