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Mustangblue01
Elio Fan
The email didn't say much:
"You have successfully signed the attached subscription agreement. You will receive a confirmation email regarding your commitment in StartEngine Elio Motors once we receive funds from you."
There is a 12 page attachment with details of the stock purchase, number of shares I agreed to purchase at the specified price, etc. The document has my signature and is signed by the Elio CFO.
Shawn MacDonald
New Member
Does anyone know how many shares were sold? I bought 150, but it seems they are still offering. That tells me that Elio Motors didn't meet their goal of $25 Million. Can anyone confirm?
slinches
Elio Addict
Yes, essentially the only thing we know for certain is that EM has not sold the maximum number of stocks (they would need to revise the offering and refile with the SEC to sell any more). Although, there is compelling evidence that they collected at least $12.6MM during the initial 7-day window. An email from EM stated that they have secured the funding necessary to begin the E-series builds and in order to raise any funds through the Reg A+ offering, they would clear that threshold.
Shawn MacDonald
New Member
Oh. That doesn't seem like great news for a company that will need another $300 million to begin production.
slinches
Elio Addict
It is good news that they met the minimum in that it helps bridge the gap in funding needed to prove out the design (E-series vehicles and testing), which is the primary intent of this Reg A+ offering. The rest of the funds to reach production could come from collecting the full purchase funds from reservation holders and the $185MM ATVM loan that EM has applied for or an unspecified source that Paul Elio has alluded to on several occasions.
By the way, the lack of progress updates is due to legal disclosure requirements and therefore doesn't reflect how EM themselves feel about how successful this round of funding has been.
By the way, the lack of progress updates is due to legal disclosure requirements and therefore doesn't reflect how EM themselves feel about how successful this round of funding has been.
Jeff Porter
Elio Addict
- Joined
- May 20, 2014
- Messages
- 2,086
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It is GREAT news for the reasons slinches said above, and it's not $300 million, it's less than that. Yes, that's still a boat load of money needed, but slow and steady wins the race.
Cache Man
Elio Addict
Didn't they find a whole boat load of money... or sunken boat load of money (the San Jose)? Do you think we could borrow a little? Anyone game for open water diving in deep water, Black Ops style? Wait... I think we need a submarine at over 800 feet down.
http://www.npr.org/sections/thetwo-...endary-spanish-galleon-is-found-colombia-says
The slow and steady wins the race reference is to a Fable not real life. Other concepts could potentially win the race to production and cut into EM's US and World Wide Sales/Marketing strategy. I have been following Elio's slow race since 2008 and frankly I feel after 8 years it's time to pick up the pace. Many of you have been following only 2-3 years and are understandably a little more patient. I have been patient and understanding too right up until the P5 Reveal.
Build/Test the E's as planned with the recently acquired small investor funding while immediately securing the additional $230 Million needed for production from PE's secret private venture capitalist. Yes, he will have to share some profit. Just Do It! The plant would be tooled, parts locked in, begin the hiring and training process of the 1500 employees, tool additional plant space required and employees needed to build 49,000 + engines, and be certain the Elio stores are ready and scheduled to open for business, all while the E's are being built and tested. EM would be production ready the minute the final Production E is certified, delivered to Paul Elio's home, and ready to mass produce. My opinion only after 8 years of observing what I feel is essentially still a 'test the waters' Marketing Campaign.
We will be lucky to see the E Builds and testing completed by Christmas 2016 under the current March 2017 production schedule while waiting on the not so guaranteed ATVM Loan.
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