Elio Motors Raises $16M in Crowdfunding Campaign with Potential OTC Markets Listing
- The crowdfunding sector will see whether OTC Markets is a venue for liquidity as Elio Motors shares will be eligible for listing soon.
Fresh from closing their own funding round of $5.5 million, StartEngine has announced an update for the Elio Motors crowdfunding campaign. After receiving SEC approval for the sale of up to $25 million in November on StartEngine, the crowdfunding campaign has reached $16 million in sales. The sale was registered using the 2015 enacted Regulation A+ rules of the JOBS Act and closes on February 1st 2016. Following the sale, shares will become eligible to be listed and traded on the OTC Markets Group.
According to Elio Motors, with $16 million raised, the funding will cover their $12.6 million goal that was needed to cover expenses related to engineering and testing of their prototype E-Series vehicle. A three wheel vehicle with elements of both car and motorcycle design, Elio Motors is hoping that the E-Series will appeal to consumers due to its high gas mileage and $6800 base price cost. According to Elio Motors, 50,000 people have put down Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term on the E-Series, with the firm targeting a late 2016 production launch. The announcements were part of the firm's presentation today at the North American International Auto Show in Detroit.
For StartEngine, the Elio Motors campaign can be viewed as a proxy to the potential of large size crowdfunding deals in the US. With the ability to raise up to $50 million in capital from non-accredited investors, Regulation A+ has the potential to compete with Series A and B funding rounds which have typically been sourced from venture capital funds.
The listing on OTC Markets will provide a secondary market for Elio Motors investors to find ongoing Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term for their shares. If listed, the shares are expected to attract the eye of other companies and investors to view the potential of a sustainable secondary market on OTC Markets.
Fresh from closing their own funding round of $5.5 million, StartEngine has announced an update for the Elio Motors crowdfunding campaign. After receiving SEC approval for the sale of up to $25 million in November on StartEngine, the crowdfunding campaign has reached $16 million in sales. The sale was registered using the 2015 enacted Regulation A+ rules of the JOBS Act and closes on February 1st 2016. Following the sale, shares will become eligible to be listed and traded on the OTC Markets Group.
According to Elio Motors, with $16 million raised, the funding will cover their $12.6 million goal that was needed to cover expenses related to engineering and testing of their prototype E-Series vehicle. A three wheel vehicle with elements of both car and motorcycle design, Elio Motors is hoping that the E-Series will appeal to consumers due to its high gas mileage and $6800 base price cost. According to Elio Motors, 50,000 people have put down Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term on the E-Series, with the firm targeting a late 2016 production launch. The announcements were part of the firm's presentation today at the North American International Auto Show in Detroit.
For StartEngine, the Elio Motors campaign can be viewed as a proxy to the potential of large size crowdfunding deals in the US. With the ability to raise up to $50 million in capital from non-accredited investors, Regulation A+ has the potential to compete with Series A and B funding rounds which have typically been sourced from venture capital funds.
The listing on OTC Markets will provide a secondary market for Elio Motors investors to find ongoing Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term for their shares. If listed, the shares are expected to attract the eye of other companies and investors to view the potential of a sustainable secondary market on OTC Markets.