Any innovator can tell you that having a great idea can seem like the easiest step on the journey to bringing a game-changing product to market. Bringing an idea to fruition is a road riddled with potholes and roadblocks, and one of the most common and significant obstacles for innovators is finding the necessary funding to make an idea a reality. Without funding, a great idea will stay on paper instead of becoming a reality. 2016 was a banner year in Elio Motors’ quest to secure the funding we need to alter the course, which is why it’s our 2nd biggest Elio Motors milestone of 2016.
In the past, it was nearly impossible for the majority of the population to invest in startups that would ultimately become household names. This changed in 2015 with the introduction of Regulation A+. Regulation A+ is a product of the 2012 JOBS (Jumpstart Our Business Startups) Act and allows non-accredited investors the chance to invest in startups. Previously, non-accredited investors (who have annual incomes less than $200,000 for individuals or $300,000 for married couples) were denied the opportunity for a good deal of lucrative investment opportunities. Regulation A+ represents an opportunity for the democratization of investing.
Regulation A+ and Elio Motors made for a great fit, which is why we launched a formal stock offering through Reg A in late 2015. In February of this year, we became the first company in history to have its shares traded publicly on the OTCQX following completion of the Regulation A+ process. Our Regulation A+ offering was closed on February 16th, and we then began the transition to the OTCQX market under the stock symbol ELIO. We raised nearly $17 million through our offering, which we used to begin the engineering and manufacture of our E-Series vehicle. Today, investors have the opportunity to buy into the Elio Motors vision.
Pursuing multiple funding threads is crucial to our success in obtaining the necessary capital. Thus, we announced in October of this year that we have engaged Oppenheimer & Co and Northland Capital Markets for investment banking services, which include strategic advisory, financing, and capital markets strategies. Oppenheimer and Northland Capital Markets are leaders in the financial sector, and their expertise will prove invaluable in assisting us in meeting our financial goals.
We believe that our vehicle has the potential to be a game-changer in several impactful ways. From reducing our trade deficit and carbon emissions to creating American jobs and making transportation universally affordable, our vehicle and mission can make a meaningful difference. Obtaining funding for an innovative idea is by no means an easy road, however we have made significant strides in 2016.
On Thursday, December 29th, we will be revealing the number 1 Elio Motors milestone of 2016!