Stock Offering Problems

[IdahoDuffer]

I am a very big supporter of EM and can't wait to finally get to drive one on my 120 mile roundtrip commute to work, but I am extremely unimpressed with my issues during this stock offering.

I had pledged $500 to purchase stock as soon as the "testing the waters" phase opened. This is a large sum of money to me and I know it would take all the time available in order to save up by the time I could purchase. The first issue was of course that the offering required a minimum of $600 to purchase stock once it was available. This felt a little like a bait and switch to me, but I have faith in the company and realise that when dealing with the "government", things often change for no reason. I placed no blame on EM and managed to get $612 into my acount to reserve my shares on the final day. It felt great to be a part of something that could be so important.

25 days passed and I reach out to StartEngine because I had reached no communication about anything concerning the $612 that had been removed from my account. 15 days and several emails later it was determined that I switched some numbers when entering my information.

I was finally approved on Jan. 13th and I was just waiting to be notified by EM that the stock was mine. After receiving no communications from EM by the 20th I reached out to them via email to see if there might be another issue. On the 26th I received an email back stating that it had been forwarded to the Investor Relations Team.

I then received a short, form email stating that "my securities will be available for transfer as soon as the current offering is closed and the company is listed on the QTCQX."

For those of you who haven't fallen asleep already I apologize for being long winded, but I saddened by the fact that the only time I received any information about my purchase was after reaching out to both StartEngine and EM. I had hoped that this would be a much more fulfilling experience.

Now I wonder how long it will be before I hear anything more. Didn't the offering close on Feb. 1st? Has anybody else heard any news?

 

[slinches]

As far as I'm aware, no one has done anything with the stock they own yet. If you got confirmation that fundamerica processed your ACH purchase and you own stock, that is the end of it. You'll need to talk to a broker or financial consultant to do anything with the stock and almost nothing can be done until it gets listed on the OTCQX in a few weeks even if you take that step. That's what they meant by "lack of liquidity" in the offering statement.

Although, if EM is successful, I have no doubt you'll be able to find a buyer in the OTC market.

 

[Jim G]

$17M has been raised via the share offering, and every investor's stock should be issued and available to trade on the OTCQX market sometime next month, per Paul Elio's late January comments.

 

[IdahoDuffer]

Thanks for the update.

 

[Rob Croson]

Has anyone actually gotten the letter with the information to actually transfer the stocks to your own brokerage accounts? Last thing I remember was getting a letter saying we should be prepared to do that.

 

[slinches]

Yes, I received the confirmation email. All it said is that my purchase was confirmed and that the stocks would be available for transfer to my brokerage account through a stock transfer agent company.

I assume a broker would have to confirm your ID with the stock transfer agent and then get the stock data electronically transferred to your account. Then once it lists on OTCQX, you'd have the option to post an ask price and maybe someone will be willing to buy it.

Good luck to anyone looking for a quick turn around. I think your best bet is to wait at least until the mileage, safety and purchase cost are confirmed. Until those numbers come in I doubt there will be any substantive information on production or further funding and without any of that, I see no reason why anyone would pay more than the $12/share that we bought in for.

 

[Rob Croson]

Yes, I received the confirmation email. All it said is that my purchase was confirmed and that the stocks would be available for transfer to my brokerage account through a stock transfer agent company.

That's the same letter I got. It referred to another letter that we would get in the future, that had some code or number that would be used to perform the transfer. I haven't gotten anything like that yet.

 

[slinches]

It didn't explicitly refer to another letter, it just said that the stock would be available to transfer when "eligible". I don't know what that means. There may be another email with (or without) additional details or there could be no further notices and you'll only know if it's "eligible" when your broker attempts the transfer.

 

[LillyMayPatterson #1685 & #5648]

I looked for you Rob & the Mrs. tonight at the pot luck. I was hoping to see ya. But anyways, I really thought this stock transfer stuff would have been faster than this. I about panicked to get myself a brokerage account. But, since this is my first real dealings with stocks, I didn't and still don't know what to expect. I first had to look up what a brokerage account is, lol.
But, no, I haven't received any notice yet about the availability to transfer 'eligible' my stocks into my brokerage account. But, I got it all lined up and ready. I'm just chilling till we get more news.
Tour schedule hasn't been updated since the Detroit show. Paul's running around with the P-5 on photo shoots and helping his bud in LA, which we got a snippings of today. I don't begrudge the whole sales team to take time off. My Goodness that bunch has been running full steam for well over a year now crisscrossing the whole continent. I am sure the folks working on the submission to the OCTQX worked their butts off the past few weeks. They're chilling, I bet. But, on the other hand, I can imagine the lady with the long finger nails at techno sports and the gang over there are sucking up the over time.
Momentum is right. Still have seen the commercial on TV .... yet.

 

[IdahoDuffer]

Anybody have suggestions on what brokerage firms would be best for somebody who has never had on before?