When StartEngine listed the equity crowdfunding campaign for Elio Motors, it quickly rose to one of the largest crowdfunding deals of all time. Using Regulation A+ of the JOBS Act, the campaign was one of the first to target unaccredited investors into funding a private company and used rules that had only been passed and gone into effect by the SEC.
When all was said and done, Elio Motors had received over $45 million in interest for its deal. After commanding major demand from over 12,000 investors, including many who had also expressed interest in acquiring the hybrid automobile that uses features from both cards and motorcycles, the next step is the collection of funds and delivering of shares.
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In that regard, StartEngine recently announced that the SEC has qualified the crowdfunding of $25 million in shares of Elio Motors stock. With the SEC approval, investors who are now able to purchase shares in Elio Motors, with StartEngine expecting that among the $45 million in expressed interest they will reach the $25 million in funding goal.
Paul Elio, Founder of Elio Motors, commented on the news, “Our goal is to alter the course of American transportation, and with today’s breakthrough, we are one step closer to this revolution, not just for drivers, but for anyone who believes that a good idea has the power to change the world. We’re thrilled to open our doors to thousands of new investors, and will utilize the capital as part of our plan to begin production in late 2016.”