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Elio Stock Sale A Success? Has There Been A Press Release?

KenK

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Rob Croson

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"Elio Motors is seeking $25 million through this stock offering and still has shares available."

This says they have not yet hit $25M. If they had gotten $25M from the pre-sale, the open public sale would not have happened.

EM has previously stated that they are not allowed to release information on the progress of the sale until after it is complete. That means we won't know anything until either they hit their $25M target, at which point the sales will stop, or until the sale window closes, which I understand is to be Dec 31.
 

KenK

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"Dec. 3, 2015 -- Elio Motors today announced that thanks to its supporters and the funds raised during its current stock offering, it will move forward with the development of 25 engineering and test vehicles."

I see what you are saying, and it makes sense. I was wondering where this Dec 3rd announcement was made.

I understood that $25 million was their minimum mark and they could raise up to $50 million under the Reg A rules if they wanted. So the pre-sale was to allow those who registered and expressed interest a first shot before the general public got in on it. Maybe I misunderstood.

CORRECTION: My numbers are off by 2x. $12.5M was minimum and their max is $25M (or $30M)
 
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KenK

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Ok.. disregard... I have educated myself:

"We are offering a minimum of 1,050,000 shares of common stock and a maximum of 2,090,000 shares of common stock on a “best efforts” basis. If $12,600,000 in subscriptions for the shares (the “Minimum Offering”) is not deposited in escrow on or before December 31, 2015 (the “Minimum Offering Period”), all subscriptions will be refunded to subscribers without deduction or interest. Subscribers have no right to a return of their funds during the Minimum Offering Period. If this minimum offering amount has been deposited by December 31, 2015, the offering may continue until the earlier of March 31, 2016 (which date may be extended at our option) or the date when all shares have been sold. We reserve the right to accept subscriptions for up to an additional 418,000 shares, for an additional $5,016,000 in gross proceeds. See “Plan of Distribution” and “Securities Being Offered” for a description of our capital stock."

http://www.sec.gov/Archives/edgar/data/1531266/000121465915007920/partiiandiii.htm

So if that article I posted earlier is to be believed (this is the internet, so...) then perhaps that indicates that the $12.6M is complete and they know they can move forward, so the public can join in on what's left up to $25M (or $30M if they feel froggy). Sales can continue up to March 2016 (plus extensions).

I think this is good news (if it's real!). :confused:
 
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Lawrence G.

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Ok.. disregard... I have educated myself:

"We are offering a minimum of 1,050,000 shares of common stock and a maximum of 2,090,000 shares of common stock on a “best efforts” basis. If $12,600,000 in subscriptions for the shares (the “Minimum Offering”) is not deposited in escrow on or before December 31, 2015 (the “Minimum Offering Period”), all subscriptions will be refunded to subscribers without deduction or interest. Subscribers have no right to a return of their funds during the Minimum Offering Period. If this minimum offering amount has been deposited by December 31, 2015, the offering may continue until the earlier of March 31, 2016 (which date may be extended at our option) or the date when all shares have been sold. We reserve the right to accept subscriptions for up to an additional 418,000 shares, for an additional $5,016,000 in gross proceeds. See “Plan of Distribution” and “Securities Being Offered” for a description of our capital stock."

http://www.sec.gov/Archives/edgar/data/1531266/000121465915007920/partiiandiii.htm

So if that article I posted earlier is to be believed (this is the internet, so...) then perhaps that indicates that the $12.6M is complete and they know they can move forward, so the public can join in on what's left up to $25M (or $30M if they feel froggy). Sales can continue up to March 2016 (plus extensions).

I think this is good news (if it's real!). :confused:
 

Buckeyejake

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I've been through a few of these types of fund raisers. It's real easy to say you are going to participate at a specific level. Now, parting with your real money is another issue. Once we got to about a 200% verbal commitment I knew we had a chance of reaching our goal. I'm sure the folks at Elio knew there would be a significant falloff from the verbal commitment to the actual investing with money.

At least enough money was raised to continue the process of reaching a production level vehicle. Keep the faith, baby.
 

Chris F

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Reg A+ is new, so the SEC is just figuring it out. They had to be dragged kicking and screaming into allowing this regulation at all. Just to be clear, the company can't make any comments about the offering progress unless they then amend the offering circular, which might give the SEC another reason to slow everything down. Better not to comment at all.
 
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