Possible Scam?

[Rob Croson]

If Elio wants to have an IPO, they have a LOT of paperwork to fill out, and be certified by the SEC. You can't just walk up to NASDAQ (the last letter is a Q, not a C) and get a listing. These things take time! Form the Wikipedia page about NASDAQ:

"To qualify for listing on the exchange, a company must be registered with the United States Securities and Exchange Commission (SEC), must have at least three market makers (financial firms that act as brokers or dealers for specific securities) and must meet minimum requirements for assets, capital, public shares, and shareholders."

I don't think that there's any way in hell that EM can get on the NASDAQ at this point. Let's face it: they have nothing other than some big ideas. In my quick reading of the NASDAQ listing guideline (https://listingcenter.nasdaq.com/assets/initialguide.pdf) they don't meet any of the listing requirements. You have to already have at least 300 shareholders. You have to have at least 2 years of operating history, or Net Income from Continuing Operations of at least $750,000. You have to have *something* other than a wing and a prayer.

Don't get me wrong, I'd love to have my Elio in Q2 of 2016, but something just doesn't sound right here. I mean, if they *could* have gotten on the NASDAQ, do you really think they would have had to jump through all the crap with the 509c?

 

[Elio Amazed]

This is all what I'd thought too.
But, you know, nothing would surprise me at this point.
I've read that the 506c isn't working out too well for EM.

John, maybe Paul is just as fed up with the waiting as some of his adopters are.
Not long ago, many of the faithful here were debating the chances of seeing production in '16 at all.
Maybe Paul looked at all that and decided that it is indeed the 11th hour.

Just askin'...
How did Tesla meet the listing requirements?
I don't think it would take a determined company very long to get 300 stockholders.

Again, as I understand it, the gentleman who called me was basically acting as a glorified salesman.
It might be wise to make our interpretations with that as a starting point.

 

[Coss]

There are a lot of IPO's that wouldn't meet those requirements, is there perhaps a different requirement set for IPO's?

 

[2ndrew]

For what it's worth, I also got the call yesterday/today. Different guys name, but same information.

I think I remember him saying Chrysler offering to buy the CAFE Credits at $0.47 to $1.00.

He was really pushing the 506c as opposed to the Reg A.

He also said Elio is "next in line" for the DOE loan...

 

[Coss]

If I was Paul this would be killing me; so many things just out of reach but they're right there at your fingertips.

 

[Ty]

I did not answer so this was from voicemail. He said his name is Patrick Nicolas (not sure of spelling, caller ID only showed phone number). Said he was with Network 1, calling on behalf of Elio Motors & Paul Elio wanted him to keep me up on what's going on with Elio. He called from (516) 244-6525 but said to call him back on (516) 478-9005.

See private message. Pam Vassallo asked me to have you call Jerome so they can get this scam under control.

 

[2ndrew]

If it's all true...

Went back and checked my voicemail. Yesterday I got a call from 2 different people from Network 1Financial.

Both of them were "googleable" as brokers who work for Network 1.

 

[Coss]

See private message. Pam Vassallo asked me to have you call Jerome so they can get this scam under control.

This part sounds like the balloon is about to burst; what's up Ty, anything you can discuss?

 

[Elio Amazed]

See private message. Pam Vassallo asked me to have you call Jerome so they can get this scam under control.

Ty,
I haven't gotten any PMs
Again, both the phone number of the incoming call and the phone number I called was (516) 478-9005.

 

[ks6c]

I talked with Network1 today, as well, and yes they have a Patrick Nicholas working out of their Long Island office. Yes, he has been soliciting for EM's 506(c) funding, and yes, he is legitimate. Unless Elio chooses to extend the 506(c) subscription window (they are allowed to extend for something like another 45 days), today - September 30th - is the last day of the window to subscribe, so they have an incentive to sell (and sell, and sell...).

For those who have never been on the receiving end of brokers cold-calling to solicit funds, his pitch (I talked to Mr. Nicholas a couple of weeks ago) is/was pretty typical. They only have a few minutes of your time to get their "elevator pitch" in before you hang up, so it's high speed, high energy, intended to sell. So where did they get our names? I didn't ask, but I would hope they got them from EM - where else would they find a core group already sold on the concept who have already demonstrated a willingness to invest via reservations?

It's not a scam, it's legit, welcome to the world of high(er) finance...