Jambe
Elio Addict
Hello Jambe,
We are eagerly awaiting authorization from the Securities and Exchange Commission (SEC) to sell $25 million worth of shares in Elio Motors. As you know, interest and enthusiasm for the project is high.
We’ve received more than $42 million in non-binding expressed interest from more than 11,000 potential investors, yourself included. We want to make sure you have every opportunity to purchase shares, in the event that we receive authorization to sell stock. To do this, we are creating a 7-day window for those who have expressed interest to make a formal stock purchase. That window would commence shortly after we receive authorization from the SEC.
We also want to keep you well informed about the process. Following are some of the most common questions we’ve received thus far.
As always, thank you for your interest in Elio Motors!
I made a reservation of shares, does that mean I have already invested?
No, your reservation of shares during the “Testing the Waters” phase was a non-binding expression of interest in potentially investing and not an investment itself. As a share reservation holder, you are afforded a 7-day window to invest before the general public is able to invest.
Does my vehicle reservation qualify me to invest early?
No, putting money down with Elio Motors to reserve a vehicle does not give you the opportunity to invest in shares before the general public. To have that opportunity, you must have made a reservation for shares through StartEngine.
Is there a fee associated with investing?
No, there is no fee charged to the investor at any point during or after the transaction. You pay only for the number of shares you desire to purchase.
Why did you have to file with the Securities and Exchange Commission (SEC)?
The offering of shares is being made under Regulation A. This regulation requires that we file information about Elio Motors with the Securities and Exchange Commission prior to selling the shares.
Do I have an account?
If you made a reservation for shares, then you do have a StartEngine account as one is required to make a reservation for shares. If you no longer remember the password, you can recover it by going to www.startengine.com/forgot-password and entering the email address associated with your StartEngine account.
Please note, an Elio Motors vehicle reservation account is different from the StartEngine investment account. Therefore, your vehicle reservation account will not allow you access into your StartEngine account to purchase shares.
I forgot my password, what do I do?
You can recover your password by going to www.startengine.com/forgot-password and entering your email address. An email with a link allowing you to reset your password and login will be sent to the email address you entered. Click on the link and follow the instructions to reset your password. If you do not see the reset password email, please check your spam folder to make sure it did not get caught by the spam filter. If you still do not get the email, please contact customer experience at Contact@StartEngine.com.
Please note if you try to recover your password but have not set up a StartEngine account, you will not receive an email. Also note that resetting your StartEngine password will not affect your Elio Motors password.
Can I invest?
Yes, anyone can invest. In a departure from previous investment rules, the SEC now permits Regulation A (also called Reg A+) offerings to take on investors who are non-accredited as well as accredited investors. An accredited investor is an individual who has a net worth in excess of $1MM (excluding his or her primary residence) or has had annual income in excess of $200,000 ($300,000 if joint income) for the past two years and reasonably expects that to continue.
If you are a non-accredited investor, you may invest but will be limited to investing no more than the greater of 10% of your net worth or 10% of your annual income.
In addition, reservation share holders will be afforded a 7-day window to invest before the investment opportunity is open to the general public.
Do I have to invest the amount of my reserved shares?
No, you may invest more or less than the amount you reserved as long as you meet the minimum investment amount of $600.
What happens if Elio Motors receives more than the maximum investment amount ($25,200,000)?
If investors attempt to invest more than the maximum amount of the raise (e.g., $25 million), then each investor’s investment (over the $600 minimum purchase) will be proportionately reduced. If an investment is prorated, the reduction amount will be returned to the investor.
Do I need to provide any documents to invest?
No, you do not need to provide any separate documents in order to invest. Just provide the information required by the online forms on StartEngine.
Do I get my money back if the company does not reach its minimum funding goal?
Yes, should the offering fail to reach its minimum funding requirement of 1,050,000 shares ($12,600,000) or be canceled for any reason, all investor funds will be refunded in their entirety.
How much is the minimum investment?
The minimum investment amount for Elio Motors is $600 (50 shares).
What is the price per share?
The price per share for the Elio Motors offering is $12 per share.
Can I invest by writing a check?
No, we are not accepting paper checks. Please use the Automated Clearing House (ACH) transfer or wire transfer options which are integrated with the StartEngine platform.
Is using StartEngine the only way to invest in Elio Motors’ Reg A+ offering?
Yes, you can only purchase Reg A+ shares in Elio Motors through the StartEngine platform.
Is there a grace period during which I can cancel my investment?
There is no official grace period to cancel, however, if Elio Motors has not yet received the minimum offering (the minimum is $12,600,000) then no sale has yet technically taken place and you may cancel your investment. Once Elio Motors receives investment equal to, or in excess of $12,600,000, you will not be able to cancel an investment you have already made.
What documentation/confirmation will I receive for my investment?
Investors will receive three separate emails, one containing a signed copy of the Subscription Agreement, one containing a signed copy of the Investor Information Disclaimer and one confirming their investment (containing the number of shares purchased, price of the total investment and instructions regarding the timing of their ACH transfer).
Who is FundAmerica and why are they involved?
One of the safeguards that the government built into the online private capital rules and regulations is the use of a third party to handle the actual financial transactions. Elio Motors will use FundAmerica Securities, a SEC registered, FINRA member, and SIPC insured broker-dealer.
We are eagerly awaiting authorization from the Securities and Exchange Commission (SEC) to sell $25 million worth of shares in Elio Motors. As you know, interest and enthusiasm for the project is high.
We’ve received more than $42 million in non-binding expressed interest from more than 11,000 potential investors, yourself included. We want to make sure you have every opportunity to purchase shares, in the event that we receive authorization to sell stock. To do this, we are creating a 7-day window for those who have expressed interest to make a formal stock purchase. That window would commence shortly after we receive authorization from the SEC.
We also want to keep you well informed about the process. Following are some of the most common questions we’ve received thus far.
As always, thank you for your interest in Elio Motors!
I made a reservation of shares, does that mean I have already invested?
No, your reservation of shares during the “Testing the Waters” phase was a non-binding expression of interest in potentially investing and not an investment itself. As a share reservation holder, you are afforded a 7-day window to invest before the general public is able to invest.
Does my vehicle reservation qualify me to invest early?
No, putting money down with Elio Motors to reserve a vehicle does not give you the opportunity to invest in shares before the general public. To have that opportunity, you must have made a reservation for shares through StartEngine.
Is there a fee associated with investing?
No, there is no fee charged to the investor at any point during or after the transaction. You pay only for the number of shares you desire to purchase.
Why did you have to file with the Securities and Exchange Commission (SEC)?
The offering of shares is being made under Regulation A. This regulation requires that we file information about Elio Motors with the Securities and Exchange Commission prior to selling the shares.
Do I have an account?
If you made a reservation for shares, then you do have a StartEngine account as one is required to make a reservation for shares. If you no longer remember the password, you can recover it by going to www.startengine.com/forgot-password and entering the email address associated with your StartEngine account.
Please note, an Elio Motors vehicle reservation account is different from the StartEngine investment account. Therefore, your vehicle reservation account will not allow you access into your StartEngine account to purchase shares.
I forgot my password, what do I do?
You can recover your password by going to www.startengine.com/forgot-password and entering your email address. An email with a link allowing you to reset your password and login will be sent to the email address you entered. Click on the link and follow the instructions to reset your password. If you do not see the reset password email, please check your spam folder to make sure it did not get caught by the spam filter. If you still do not get the email, please contact customer experience at Contact@StartEngine.com.
Please note if you try to recover your password but have not set up a StartEngine account, you will not receive an email. Also note that resetting your StartEngine password will not affect your Elio Motors password.
Can I invest?
Yes, anyone can invest. In a departure from previous investment rules, the SEC now permits Regulation A (also called Reg A+) offerings to take on investors who are non-accredited as well as accredited investors. An accredited investor is an individual who has a net worth in excess of $1MM (excluding his or her primary residence) or has had annual income in excess of $200,000 ($300,000 if joint income) for the past two years and reasonably expects that to continue.
If you are a non-accredited investor, you may invest but will be limited to investing no more than the greater of 10% of your net worth or 10% of your annual income.
In addition, reservation share holders will be afforded a 7-day window to invest before the investment opportunity is open to the general public.
Do I have to invest the amount of my reserved shares?
No, you may invest more or less than the amount you reserved as long as you meet the minimum investment amount of $600.
What happens if Elio Motors receives more than the maximum investment amount ($25,200,000)?
If investors attempt to invest more than the maximum amount of the raise (e.g., $25 million), then each investor’s investment (over the $600 minimum purchase) will be proportionately reduced. If an investment is prorated, the reduction amount will be returned to the investor.
Do I need to provide any documents to invest?
No, you do not need to provide any separate documents in order to invest. Just provide the information required by the online forms on StartEngine.
Do I get my money back if the company does not reach its minimum funding goal?
Yes, should the offering fail to reach its minimum funding requirement of 1,050,000 shares ($12,600,000) or be canceled for any reason, all investor funds will be refunded in their entirety.
How much is the minimum investment?
The minimum investment amount for Elio Motors is $600 (50 shares).
What is the price per share?
The price per share for the Elio Motors offering is $12 per share.
Can I invest by writing a check?
No, we are not accepting paper checks. Please use the Automated Clearing House (ACH) transfer or wire transfer options which are integrated with the StartEngine platform.
Is using StartEngine the only way to invest in Elio Motors’ Reg A+ offering?
Yes, you can only purchase Reg A+ shares in Elio Motors through the StartEngine platform.
Is there a grace period during which I can cancel my investment?
There is no official grace period to cancel, however, if Elio Motors has not yet received the minimum offering (the minimum is $12,600,000) then no sale has yet technically taken place and you may cancel your investment. Once Elio Motors receives investment equal to, or in excess of $12,600,000, you will not be able to cancel an investment you have already made.
What documentation/confirmation will I receive for my investment?
Investors will receive three separate emails, one containing a signed copy of the Subscription Agreement, one containing a signed copy of the Investor Information Disclaimer and one confirming their investment (containing the number of shares purchased, price of the total investment and instructions regarding the timing of their ACH transfer).
Who is FundAmerica and why are they involved?
One of the safeguards that the government built into the online private capital rules and regulations is the use of a third party to handle the actual financial transactions. Elio Motors will use FundAmerica Securities, a SEC registered, FINRA member, and SIPC insured broker-dealer.
