SOURCE: PR Newswire
TROY, Mich., March 18, 2015 /PRNewswire/ — Elio Motors today announced it has launched a 506 (c) investment option that will allow accredited investors the opportunity to buy into the revolutionary transportation start-up for as little as $15,000.
Elio Motors is launching an enclosed three-wheeled vehicle that is expected to sell for $6,800, and get up to 84 MPG. The company’s targeted production date is the first half of 2016.
“Whenever we take the vehicle to a public event, there are always enthusiastic fans who ask how they can invest,” said Paul Elio, founder and CEO of Elio Motors. “All along, we’ve said we are pursuing a variety of funding sources and the 2012 JOBS Act makes this one possible. Of all our investment strategies, this happens to be one of my favorites because it gives people who are passionate about our mission a chance to participate in helping us change the world.”
The opportunity was made possible by the 2012 JumpStart Our Business Startups (JOBS) legislation that relaxed the Securities Act of 1933 and Sarbanes-Oxley (SOx) requirements for businesses soliciting investors. The JOBS Act makes it possible for people with $1 million in assets (excluding their primary residence) or two years of income of at least $200,000 for an individual or $300,000 for a family to invest.
Anyone interested in learning about the opportunity can go to the Elio Motors website and click on the “Investor Inquiries” tab. The Certificate of Accredited Investor and Non-Disclosure forms will need to be downloaded and completed to begin the eligibility process. Once eligibility is verified, the Private Placement Memorandum (PPM) will be provided for investment consideration.
The Elio, which recently unveiled its new 0.9 liter, 3-cylinder engine prototype, will be manufactured in Shreveport, Louisiana, at a former General Motors facility that made vehicles such as the Hummer H3 and Chevy Colorado. The low-cost, high mileage vehicle has already been a hit with consumers. Elio Motors has already taken more than 40,000 reservations for a spot in line.
“Enthusiasm for this project is high and with good reason,” Elio said. “We are offering a low-cost transportation option, we are providing American jobs, we are reducing dependence on foreign oil and we are better for the environment. There is literally something for everyone, and now there is an opportunity for a small piece of ownership.”
When the Elio goes to market, it will create 1,500 jobs at the facility. In addition, the Elio will use 90 percent North American content, creating another 1,500 jobs at its supplier partner companies. These manufacturing jobs will in turn create approximately 18,000 indirect jobs across the country.
About Elio Motors
Founded by car enthusiast Paul Elio in 2008, Elio Motors Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The three-wheeled 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 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. For more information, visit www.eliomotors.com or www.facebook.com/ElioMotors.