Nasdaq Listing Requirements...tough Set Of Standards...

[Samalross]

Elio Amazed said: "As far as Stu calling in his loans that were made to EM, much of that has been taken care of by issuance of stock, including the rent on the plant sub-lease. If Stu were to go against his best interest and call in the remainder owed on any loan that may not have been handled in that manner, there's almost no chance that the company (under any name) would be automatically handed over to him intact by any legal entity. The most likely scenario would be that Stu would be forcing the company that he has a substantial interest in into bankruptcy. That just doesn't make sense."

I totally agree, and would like to take this one step further: Has Stu made any overtures that he even wants to be in the Automotive Industry? Stu is a Real Estate guy, and a successful and busy one. One thing tho, Stu, at the core is a Business Man with stock (OTC) in Elio garnered by purchase, issuing loans, and by relaxing debt, the debt and loan part alone I believe is upwards of $25 million (separately remember that Paul's Elio Engineering has something like $27 million tied up in OTC stock too).

Any business men with this much owed and in the form of potentially worthless (or less than the 6 dollars/share most the debt was struck at) OTC stock, would most certainly benefit from a NASDAQ listing even if it dilutes the OTC values.

I argue that when all is weighed: The $100 million is only about 1/3 needed to substantially get EM 'on the road,' the amounts tied up in debt to the Principals, the amount tied up in overall debt (maybe $87 to $100 million?) which could be further deferred, and the lack of real auto experience and zeal that the NASDAQ listing will not happen unless EM can bring to their Board of Directors real Automotive Industry Titans with unquestionable and successful histories with no real estate conflicts and knee jerk solutions.

What will be interesting is if the decision and status fron NASDAQ will be hidden from public view as the ATVM decision was and we are further left to drift aimlessly watching for telltale signs as the stock price mysteriously stays at about the same impossible price.

That staus of the Nasdaq listing will be public knowledge six to eight weeks after the application. Would not be able to hide, even if they wanted to, not in their best interest. If nothing after eight weeks you know the answer. They should be able to get it.

 

[Rob Croson]

I was checking through the list of EM's directors, and came across this in the EM SEC filing:

David C. Schembri, Director.
From February 2010 to August 2012, he was the CEO of Vehicle Production Group, a company based in Allen Park, Michigan, that made vans for the disabled.​

Vehicle Production Group (VPG) received a $50M DoE ATVM loan back in 2011. I believe they were the last company to actually be approved for the loan. Nine months after David Schembri left VPG, they laid off everyone and went out of business. They reportedly had over 2,300 backorders for their van at the time they closed, but couldn't raise sufficient capital to fund operations. AM General (who actually built VPG's vehicles under contract) bought the loan from the DoE later that year for $3M, acquired all company assets, and reopened the company in 2014. They are still producing these vans today under the name Mobility Ventures.

Not sure how relevant this is, but still interesting.

 

[Watashiwah]

Maybe Mr. Schembri was bought onboard just to negotiate/navigate the DOE loan process.

 

[Samalross]

I was checking through the list of EM's directors, and came across this in the EM SEC filing:

David C. Schembri, Director.
From February 2010 to August 2012, he was the CEO of Vehicle Production Group, a company based in Allen Park, Michigan, that made vans for the disabled.​

Vehicle Production Group (VPG) received a $50M DoE ATVM loan back in 2011. I believe they were the last company to actually be approved for the loan. Nine months after David Schembri left VPG, they laid off everyone and went out of business. They reportedly had over 2,300 backorders for their van at the time they closed, but couldn't raise sufficient capital to fund operations. AM General (who actually built VPG's vehicles under contract) bought the loan from the DoE later that year for $3M, acquired all company assets, and reopened the company in 2014. They are still producing these vans today under the name Mobility Ventures.

Not sure how relevant this is, but still interesting.

Not on the list on their shown resume. They also do not list Paul Elio and Hari Iyer on the V-vehicle. Maybe Elio Motors is hoping that the three million paid back by AM General was considered a win by ATVM.

 

[Donnyboy]

Week 5-6 is when the company is approved for listing. Today is the end of the 5th week. So we will know something by next next Wednesday or Thursday.

 

[wizard of ahs]

They made it.............................

http://www.nasdaq.com/markets/ipos/company/elio-motors-inc-864556-84350

 

[LillyMayPatterson #1685 & #5648]

There are no news stories for this IPO at this time.
(No stock pricing.)

 

[Donnyboy]

They only filed the paperwork. That was on 8-3-17. If we assume nothing happened that first week, then tomorrow is the 6 week mark. I hope we hear something tomorrow. But maybe it rolls into next week. I'm optimistic about their chances for NASDAQ and funding. I do think to make the profit margins work they will have to go back on some of their options: A/C may not be standard. Automatic transmission already isn't standard and that was a good decision. Hill assist needs to be an ePlus extra item. Power windows and locks should also be ePlus options. Anyway, I think they will do what they must to get the profit margins to an acceptable level. At that point large investors will look at the line of 65,000+ customers who put down hard earned money to buy a car without ever driving it and say, "we've got to get this thing into production!". Barely 7% of the population has even heard of Elio, but that was enough to round up over 65,000 reservations. At most those folks like myself got to sit in a prototype at an event. We didn't get to take it around the block for a spin. We liked the feel of the "cockpit", price, gas savings, and more. Story sold to large investors for $100,000,000! Start your engines.

 

[Rickb]

They only filed the paperwork. That was on 8-3-17. If we assume nothing happened that first week, then tomorrow is the 6 week mark. I hope we hear something tomorrow. But maybe it rolls into next week. I'm optimistic about their chances for NASDAQ and funding. Start your engines.

Did you read through the principle purposes of funds statements in EM's filing for NASDAQ Funding?

 

[LillyMayPatterson #1685 & #5648]

yea yea, I read it. But, if I was those guys I would want my money too. It's a lot of money. One thing that sticks out to me is 160 days hold. That puts it about 6 months. Are we assuming that this stock offering will be like the first on in the pink market, which only took 5 weeks. There is no reason this one will have the same time line, IMO.