Elio Motors Is Looking To Raise $1. Million To Keep The Dream Alive. Elio Motors, hamstrung by repeated delays to deliver on a longshot bid to produce a futuristic three- wheeled vehicle, is looking to raise up to $1. Thursday. The filing revealed the company has again delayed when it expects to produce and deliver the car by another year, to 2. Last week, the state of Louisiana fined Elio Motors $5. Read more Read. Elio’s ambitious plan involves producing a three- wheeled vehicle that the company claims can get up to 8.
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General Motors factory in Shreveport, Louisiana. The price of the car, a major selling point from the company’s perspective, is set at $7,4. But Elio has repeatedly delayed production plans for the vehicle—called The Elio, after its namesake, company founder Paul Elio—because of significant financial problems. In May, the company revealed it needed $3.
The number of shares and the price range for the offering haven’t been determined, according to a registration statement filed with the U. S. Securites and Exchange Commission for the initial public offering. Elio plans to list on the NASDAQ Global Market. A successful IPO, while still a longshot, could allow the company to restart production of prototypes and generate more interest in the car. The size of the IPO was estimated “solely for the purpose of computing the amount of the registration fee,” the company said in the filing Thursday. A spokesperson for the company didn’t immediately respond to a request for comment.
The company was fined $5. Louisiana, which said Elio is operating as a “manufacturer” under state law and therefore should have a license to accept non- refundable deposits. Elio has vowed to appeal the decision. Elio also owes RACER Trust $1. Louisiana factory. RACER, which took over the facility as part of GM’s bankruptcy, loaned Elio $2. We intend to use the net proceeds of this offering for working capital and general corporate purposes, including sales and marketing activities, product development, and capital expenditures,” Elio said in the filing.
The company currently has $2. Elio has remained hopeful that it could launch production and deliver vehicles by next year to the roughly 6. But the timeline for The Elio has been again delayed, according to the filing.
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The Elio is still in development, and we do not expect to start delivering to customers until 2. The Elio vehicle requires significant investment prior to commercial introduction, and may never be successfully developed or commercially successful.”The company estimates that it requires $3.
That means the company is still expecting to receive a significant uptick of interest in the car in the coming months. This month, Elio Motors had a whopper of a deadline: have a manufacturing facility developed in…Read more Read. While Elio has long said it hopes to tap additional funding through the U. S. government’s Advanced Technology Vehicle Manufacturing program, it has yet to receive confirmation on a loan application for $1.
The ATVM program hasn’t doled out loans in years, and Elio describes the potential funding source as crucial to the vehicle’s proposed production timeline. If we fail to obtain these loan proceeds within the timeframe needed to support our proposed production timetable or not be funded at all, it is likely we will experience significant delays in our production timetable,” the filing says. The filing includes a lengthy warning section to prospective investors. Our limited operating history makes evaluating our business and future prospects difficult, and may increase the risk of an investment in our company,” the company said in the filing. You must consider the risks and difficulties we face as a development stage company with limited operating history.”“We have not yet produced or delivered our first vehicle and we have not generated any revenues,” the filing continues.
If we do not successfully address these risks, our business, prospects, operating results and financial condition will be materially and adversely harmed.”.
