raptor213
Elio Addict
My skepticism is in line with Elio Amazed... Elio's Regulation A+ IPO stock offering was considered a success on many accounts, despite the fact that they raised roughly $17 million, less fees and commissions, while anticipating a cash infusion of $25 million. I don't see this as any different.
Rank-and-file optimism might be high after Paul's public appearance in Caddo Parish following a week of publicity in Midvale, Utah at Overstock's annual shareholder meeting. And sure, Jones Trading may be able to push this Securitized Token Offering (STO) through just as StartEngine managed to get ELIO shares listed on the OTCQX. That's all fine and good and briefly worth celebrating.
But at the end of the day, the 76-week timeline "plus a few weeks" to dust off the cobwebs in the supply chain does not commence and start ticking until Elio brings in no less than like $86 million in new capital to spend. Refer to the last SEC report for the exact dollar figure. But only then will the 76-week clock "plus a few weeks" begin ticking down. The measly $2.5 million investment from Patrick Byrne at Overstock is only a drop in the bucket.
It sounds as though every private placement offering Paul Elio may have potentially had lined up over the past 18-24 months slipped through his fingers for one reason or another, and this first-of-its-kind STO proposition is where all of the Elio chips lie in amassing the necessary funding.
I want this project to succeed as much as the next faithful Elio supoorter, but a dose of healthy skepticism might be warranted here.
I felt compelled to look up what that dollar figure was that's needed to kickstart the 76-week-ish production timeline. It's quoted from the 2016 Year-End Annual Report 1-K, filed on May 2, 2017, as being $33 million. In other words, discounting the $2.5 million in fresh capital from Overstock last month, as far as official public statements can allege, Elio Motors must raise another $30.5 million BEFORE the 76-week-ish timeline countdown clock starts ticking. Even assuming that countdown clock starts, any funding shortfall beyond that initial $33 million to get the ball rolling will cause unspecified future delays.