Ekh
Elio Addict
This is accelerating too fast ... the troll detectors need to get back on the job.
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Not so fast. The whole EM thing is getting seen in a good light since it appears to be a crowdfunding success. The latest announcements are encouraging people as well. EM just kicked out a news letter with some interesting statements;
So we can see that, yes, the A+ is not limited to the early responders, and yes EM is not stuck at only $25m, and not only $32m either. But too, one of their options is more funding, as opening to the 'rest of the general public', even when they will likely break over 35m reserved before it is all said and done. The reservations get served first, so this will drive out more reservations this month.
This could also infer they have a better position to put 'public stock offering' in consideration.
The more stock Elio gets from those dedicated to the Elio mission, the less risk there is of distraction from new stock holders with other idea's.
It puts Paul in a position where he can accept money from more sources, with less cause for concern.
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How about the news from the latest Momentum news letter;
For those that haven't received it, here you go:
Elio Momentum v17 – Special perk for reserving shares in Elio Motors
by The Elio Team
Another Giant Step…
As you know, we have been in the “Testing the Waters” phase of an equity crowdfunding initiative since June 19. It was made possible by the amendments to Regulation A (known as Regulation A+) mandated by the Jumpstart Our Business Startup (JOBS) Act of 2012. Paul talked about crowdfunding and its importance to startups in his recent interview with Motley Fool.
Since we launched this effort on equity crowdfunding platform StartEngine.com, more than 8,600 people raised their hands and said, “I’m interested.” (metaphorically speaking, of course!) We have received non-binding expressions of interest of nearly $32 million. And that leads us to last week’s big news.
On Friday, Aug. 28, we filed with the Securities and Exchange Commission (SEC) seeking authorization to make a formal stock offer of $25 million. We have been told by several knowledgeable sources that our application can take anywhere from 30 to 75 days to review. We’ll likely have to make some changes to our offering based on feedback from the SEC. This could add another two weeks or so to the process, but in all likelihood, we’ll know sometime this fall whether we are authorized to make a formal stock offering.
If and when we are authorized by the SEC to make a formal offer, our next big challenge very well could be managing the demand. As stated, we’re only trying to raise $25 million at this time through this initiative. However, we have non-binding expressed interest of nearly $32 million.
We are working on a process that will allow those who have made non-binding expressions of interest a window of opportunity to purchase shares before the rest of the general public. In all likelihood, only those who have made a non-binding expression of interest during this “Testing the Waters” phase will be able to purchase Elio stock for a specified number of days before we announce to the general public that authorization from the SEC has been received. The objective being to do what we can to ensure that the folks who made reservations actually have the opportunity to formally secure shares. We are working out details of this process and will keep you updated as it is developed.
The whole process keeps with our DNA of being an innovative company. We’re already one of the largest crowdfunded projects in history. The funds raised through our vehicle reservations, combined with a crowdfunding initiative aimed at accredited investors in March, makes Elio Motors the second largest crowdfunded project in the world! It’s an impressive accomplishment.
It also fits with the incredible grass roots support that people like you have shown for Elio Motors. We have been blessed with an amazing group of fans and friends. It’s a long and difficult trek to launch a startup. But, the support we’ve received from reservation holders, fans and potential investors keeps us moving forward, and helps keep our enthusiasm growing.
Last week’s SEC filing was a big step in the right direction. It helps answer some of our funding questions and puts us in a better position to succeed. We look forward to hearing back from the SEC in the near future as we continue our relentless push forward. As always, we’ll keep you posted as we learn more.
The Elio Team | September 3, 2015 at 10:01 am
For those that haven't received it, here you go:
Elio Momentum v17 – Special perk for reserving shares in Elio Motors
by The Elio Team
As you know, we have been in the “Testing the Waters” phase of an equity crowdfunding initiative since June 19. It was made possible by the amendments to Regulation A (known as Regulation A+) mandated by the Jumpstart Our Business Startup (JOBS) Act of 2012. Paul talked about crowdfunding and its importance to startups in his recent interview with Motley Fool.
Since we launched this effort on equity crowdfunding platform StartEngine.com, more than 8,600 people raised their hands and said, “I’m interested.” (metaphorically speaking, of course!) We have received non-binding expressions of interest of nearly $32 million. And that leads us to last week’s big news.
On Friday, Aug. 28, we filed with the Securities and Exchange Commission (SEC) seeking authorization to make a formal stock offer of $25 million. We have been told by several knowledgeable sources that our application can take anywhere from 30 to 75 days to review. We’ll likely have to make some changes to our offering based on feedback from the SEC. This could add another two weeks or so to the process, but in all likelihood, we’ll know sometime this fall whether we are authorized to make a formal stock offering.
If and when we are authorized by the SEC to make a formal offer, our next big challenge very well could be managing the demand. As stated, we’re only trying to raise $25 million at this time through this initiative. However, we have non-binding expressed interest of nearly $32 million.
We are working on a process that will allow those who have made non-binding expressions of interest a window of opportunity to purchase shares before the rest of the general public. In all likelihood, only those who have made a non-binding expression of interest during this “Testing the Waters” phase will be able to purchase Elio stock for a specified number of days before we announce to the general public that authorization from the SEC has been received. The objective being to do what we can to ensure that the folks who made reservations actually have the opportunity to formally secure shares. We are working out details of this process and will keep you updated as it is developed.
The whole process keeps with our DNA of being an innovative company. We’re already one of the largest crowdfunded projects in history. The funds raised through our vehicle reservations, combined with a crowdfunding initiative aimed at accredited investors in March, makes Elio Motors the second largest crowdfunded project in the world! It’s an impressive accomplishment.
It also fits with the incredible grass roots support that people like you have shown for Elio Motors. We have been blessed with an amazing group of fans and friends. It’s a long and difficult trek to launch a startup. But, the support we’ve received from reservation holders, fans and potential investors keeps us moving forward, and helps keep our enthusiasm growing.
Last week’s SEC filing was a big step in the right direction. It helps answer some of our funding questions and puts us in a better position to succeed. We look forward to hearing back from the SEC in the near future as we continue our relentless push forward. As always, we’ll keep you posted as we learn more.
The Elio Team | September 3, 2015 at 10:01 am
Yes, that's the one, new today.
The SE site may hit $33m 31% by Monday or Tuesday because of this new position and related PR releases. Just a guess biased to optimism.
45 may become the Elio magic number; over 45k reservations, $45m in expressions of interest, in 45days from now.
Maybe sooner, I see it jumping in fast little increments. Almost 1m since 5am? wow.
Now Funding Goal 128% Reserved $32,240,779 -> 8824
The SE site may hit $33m 31% by Monday or Tuesday because of this new position and related PR releases. Just a guess biased to optimism.
45 may become the Elio magic number; over 45k reservations, $45m in expressions of interest, in 45days from now.
Maybe sooner, I see it jumping in fast little increments. Almost 1m since 5am? wow.
Now Funding Goal 128% Reserved $32,240,779 -> 8824
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I focused more on how they are going to give the folks that did the pre-commitment pledge first chance to buy in before they open it to the general public.
There is a cap on it, and I know a number of people have said that they will up their initial amount buy in. It very well might be that the general public may never get a chance to buy in. That alone will make that stock rather "exclusive" which can be a good thing in the future.
There is a cap on it, and I know a number of people have said that they will up their initial amount buy in. It very well might be that the general public may never get a chance to buy in. That alone will make that stock rather "exclusive" which can be a good thing in the future.
Yea, I'd like to get a solid answer on what they are allowed to ask for. Their letter infers more than 25m. Although, they may consider unserved reservations as possible 'private investment', or angel investors should they qualify that way with the SEC.
slinches
Elio Addict
I'm willing to bet that they'll require that you have a StartEngine account and limit your purchase to your indication of interest for a fixed time (probably a couple of weeks or so). Then if the full $25M isn't purchased, open it up to the public as well as people who wish to purchase additional shares above their indication of interest in the "test the waters" phase.
bowers baldwin
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I think another thing is now true, these new 'expressions' are more speculative than before. I think it's occurring to people the idea that there is little risk in 'expressing' at this point and definitely a 'risk' of exclusion for not.
Before, it was a mix of trolls and people supportive of the idea. Now it's a mix of the supportive and those who just want a foot in the door 'just in case'.
Before, it was a mix of trolls and people supportive of the idea. Now it's a mix of the supportive and those who just want a foot in the door 'just in case'.