Elio Crowdfunding

[pistonboy]

It's in the offering circular. 2,090,000 shares being offered at $12 each totals $25,080,000. $25 million is not evenly divisible by 12.

I am surprised the SEC lets them get away with this. $25,000,000 is suppose to be the max. At $12 per share, I would have thought the SEC would only let them sell 2,083,333 shares which comes to $24,999,996.

 

[cantwait]

I am surprised the SEC lets them get away with this. $25,000,000 is suppose to be the max. At $12 per share, I would have thought the SEC would only let them sell 2,083,333 shares which comes to $24,999,996.

Actually, the maximum is $50,000,000 per year. Elio self-selected their target. The rules require them to hit 50% of their stated target, or they have to refund the money. Since they have to have about $12,000,000 to build the E's, they set the $25,000,000 target to give them some cushion if all goes well, as well as protecting them on the low end.

I was surprised that they didn't raise the overflow amount. Maybe it's limited to 20% of the target, but I don't recall seeing that.

As far as wild speculation goes, I think they might try another offering if all goes well with the E-series build and testing.

 

[JEBar]

the money to build the E series will come from the Crowd Funding program .... the rest from the government loan guarantee and/or other sources will be used to setup the manufacturing plant and do all the things necessary to get into production/distribution

 

[outsydthebox]

The "reserved" value dropped by $1200 for those 2 investors. If they are disappearing as people invest, the number must be only reducing by the minimum $600 investment. Strange ...

ETA: But the early deltas don't match that. I have no idea what's going on there.

Could it be that, as EM or SA are trying to contact everyone by e-mail, that some addresses are coming up bugus?...so, their pledges are then removed?.....just a wag.

 

[LillyMayPatterson #1685 & #5648]

Interesting wag outsydthebox. I think when I placed my pledge I had to enter my phone number too. Email addresses 'go bad' for lots of reasons and it takes time to contact folks by phone. This might explain why the changes are infrequent and mostly during business / day light hours. I really wish I knew. No change since 6:00 last night.

183%
Reserved
$45,978,100
in non-binding indications of interest received
11,821
Investors

 

[Buckeyejake]

I believe the government will look highly on the success of crowd funding when making their decision on their government loan.

 

[goofyone]

I believe the government will look highly on the success of crowd funding when making their decision on their government loan.

I agree. I believe that the reservations combined with the crowd funding investment really demonstrate that their is a lot of interest in this vehicle. What makes these numbers even more significant is the fact that only a small percentage of potential buyers are even aware of Elio Motors at this point and of those only a small percentage are able and willing to put down money on a reservation and/or invest in the company.

 

[Johnny Acree]

Thinking about the E1-E25 building and testing. We know Technosports will be building these. Who will be testing them? Will it be up to EM, Technosports, or another company?

 

[LillyMayPatterson #1685 & #5648]

No big deal, I checked my bank account and funds have not been taking out. It's only Monday morning, I'm sure it is going to be OK. Just all the running around Friday, it just surprising.


183%
Reserved
$45,962,100
in non-binding indications of interest received
11,817
Investors

 

[Buckeyejake]

I'm sure there are specific test firms that handle this type of situation. A credible company or organization needs to fulfill this responsibility. There can be no doubt on the results. If there is any question in regards to the results the bad publicity could end this project.

There can be no question about the validity of the results !