Elio Motors surpasses goal, Regulation A+ Stock Offering to close on Feb. 1
Stock offering exceeds $12.6 million goal needed to fund engineering and testing prototype E-Series vehicles, stock offering has raised nearly $16 million to date
DETROIT, Jan. 12, 2016 /PRNewswire/ — Investors interested in purchasing shares of revolutionary transportation startup Elio Motors have less than three weeks left to make an investment through the company’s current Regulation A+ stock offering. The company has raised nearly $16 million to date from this offering, which will fund development of its E-Series engineering and testing prototypes.
Shares in Elio Motors will soon become eligible to be traded on the OTCQX, the top tier of the three marketplaces for trading over-the-counter stocks provided and operated by the OTC Markets Group. This will provide liquidity for investors who purchase stock through the Regulation A+ offering.
Elio Motors will close out the current Regulation A+ stock offering on Feb. 1, 2016, as one of the steps needed to allow for OTCQX trading.
Elio Motors, which is developing an enclosed three-wheeled vehicle with a targeted base price of $6,800 that will get up to 84 MPG, filed with the Securities and Exchange Commission (SEC) to seek up to $25 million, with its primary goal to fund the E-Series. Investors can purchase remaining Regulation A+ shares by going to www.startengine.com.
“Fan reaction to this vehicle has been extraordinary, as we have nearly 50,000 people who have put down their hard earned money for a place in line and said ‘I want one’,” said company founder and CEO Paul Elio. “How many other vehicles have built that much enthusiasm before production? Few, if any. This vehicle has struck a chord with the American public, and this stock offering has helped us get to an important phase in our development.”
In March 2015, the SEC finalized rules under Title IV of the 2012 Jump Start Our Business Start-up (JOBS) Act, that paved the way for private companies to raise up to $50 million from non-accredited investors. This ruling is known as “Regulation A+.” Elio Motors launched a formal stock offering on Nov. 20 after receiving qualification from the SEC to seek up to $25 million.
Elio Motors, which is aiming for a late 2016 production launch, announced at the North American International Auto Show in Detroit today that it has begun work on the E-Series prototypes.
“We are building a product that makes a positive impact on the world, in a variety of ways,” Elio said. “The Elio will create jobs, provide low-cost transportation and help wean our country off of oil dependence. We are on a mission to get to production so we can begin to make a significant impact.”
Elio Motors will produce the vehicle in Shreveport, Louisiana, at a former General Motors production facility. The company estimates upwards of 1,500 will be directly employed at Elio Motors’ Shreveport production facility. In addition, the goal of the Elio is to use up to 90 percent North American content and create an additional 1,500 jobs from the supply base, Elio Motors corporate, as well as sales and service once full production is underway. Plus, approximately 18,000 indirect jobs nationwide are projected to be created or sustained.
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-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, Louisiana.
The securities offered hereby are highly speculative. Investing in shares of Elio Motors, Inc. involves significant risks. This investment is suitable only for persons who can afford to lose their entire investment. Furthermore, investors must understand that such investment could be illiquid for an indefinite period of time. No public market currently exists for the securities, and if a public market develops following this offering, it may not continue. To obtain a copy of the Offering Circular, go to http://www.eliomotors.com/equity or click here to download directly.