Elio Motors recently released a prototype version of Elio is a vehicle with three wheels, two seats. Its size is approximately half the width of an ordinary car, and due to its function with three wheels, it is technically classified as a motorcycle. Finally, it is retailing at about $ 6.800.
Paul Elio, founder of Elio Motors, said the company needed about $ 300 million before it can begin manufacturing cars. It is currently received about 45,000 pre-orders of the vehicle. The company does not follow the conventional process of raising venture capital that private equity would not pre-revenue and capital investment risk thought the project was too big for a possible follow-up control and, therefore, Elio Motors considering some unconventional financing options that make use of the Regulation +, a new regulation that allows non-accredited investors to invest in private startups.
+ Regulation is considered a new program as it just launched on 19 June e . The process of settlement is that the company that requested it needs to enter the period of "testing the waters" where they can advertise that they accept the investment and the investor is able to pledge an amount non-binding. in this case, Elio contracted StartEngine to do the job for them. StartEngine is a new platform built to guide companies by Regulation a + fund-raising process. It is different from Kickstarter fundraising program .
After the amount of the investment was achieved, the company will then submit a submission form 1-a provides SEC with a complete full financial audit. as of now, there are about 100,000 investors are committed to Elio Motors, bringing a total investment of $ 37M.
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