Equity Crowdfunding Filing with SEC to Take Place this Week
Finally, and perhaps most importantly, this week we will file with the SEC to seek authorization to offer shares based on the recent “testing the waters” phase of our equity crowdfunding effort. We’ve taken advantage of Regulation A+ of the Jumpstart Our Business Startup (JOBS) Act of 2012 to gauge the interest of those who might want to own a piece of Elio Motors.
It’s up to the SEC to make that final determination, but just looking at the final numbers, we’d say interest is definitively high. Our goal was to reach $25 million in non-binding expressions of interest. As of today, we’re at more than $30 million from approximately 8,200 people.
The next steps are for the SEC to review our filing. Those in the know estimate that it will take between 30 and 90 days for the SEC to provide comments on our submission. After that, we file an amended offering statement until the SEC is satisfied. This may take a few rounds of comments and filing of amended offering statements.
We’re hoping to receive authorization to make a formal stock offering a few weeks after that.
We are forging ahead and, as usual, will keep you posted as it happens.