Elio Amazed
Elio Addict
- Joined
- Jun 30, 2014
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Let's put it this way...
They were supposed to have a 2nd "Engineering/Pre-production" vehicle completed by July of last year. Testing and production tooling was to be done between then and the start of production in April of this year. To my knowledge there was no Series A fundraising in January of this year. The initial fundraiser (not A+) was for $1M two years ago. That $1M was used to build the first working prototype that was only to be used for show only. Then there was the first $2M leg of a $20 Reg A+. That was held between December 2017 and April 2018 and was supposed to fund the second prototype build. They extended that leg almost two additional months to the end of March 2018 and then immediately initiated a complete information blackout. They basically dropped off of the radar. Many people, including myself, found we could not invest in that round of the Reg A+ even during the extension. The message on the StartEngine site said that the proper notification paperwork had not been filed with our states. I believe they did not meet their minimum goal (whatever that was) for that leg, I believe that no funds were transferred to the company's account and I believe StartEngine refunded all monies for that leg. That belief is supported by the fact that there was never a report filed with the SEC about it. The $15M you speak of was supposed to be the second or third leg of the $20M Reg A+. In my mind, with no current active fundraisers, there are no funds and with no funds there is no progress other than continued testing of the first "showroom" prototype in Europe.
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EMV’s chosen two seater (side by side) Sports Car model is the soon to be revealed Tofino. $50K MSRP as I recall.
