Elio Motors orange trike front three-quarter
  • Image Credit: Copyright 2015 Sebastian Blanco / AOL
Elio Motors orange trike front three-quarter
  • Image Credit: Copyright 2015 Sebastian Blanco / AOL
Elio Motors orange trike front view
  • Image Credit: Copyright 2015 Sebastian Blanco / AOL
Elio Motors orange trike front headlight
  • Image Credit: Copyright 2015 Sebastian Blanco / AOL
Elio Motors orange trike front wheel cover
  • Image Credit: Copyright 2015 Sebastian Blanco / AOL
Elio Motors orange trike interior ipad
  • Image Credit: Copyright 2015 Sebastian Blanco / AOL
Elio Motors orange trike steering wheel
  • Image Credit: Copyright 2015 Sebastian Blanco / AOL
Just the other day, Elio said it had raised about $19 million in crowdfunding investments through its StartEngine page. That's money from average people that the company wants to use to bring Elio's first vehicle – an 84-mile-per-gallon trike that will cost just $6,800 - to market. After the announcement, the total jumped to $25 million, which was the original goal. The problem, apparently, is that not all of those dollars are entirely legit.

The company Tweeted that some of the potential investors were considered suspect because of the, "dollar amounts and newly created email addresses." Elio and StartEngine are now going to investigate these accounts and, for the time being, they are not being included in the current total, which for a while dropped back down to $21.5 million. The potential shadiness does not seem to be dulling overall the excitement. As of this writing, the collected total is back up to $23,276,764 from 5,620 investors.

Elio will partner with Comau to build the trikes at a Shreveport, LA factory in that used to belong to General Motors. Elio has said it will employ about 1,500 people and will start building cars for the public in 2016.

You can read Elio's full statement on the StartEngine situation below.

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Show full PR text
Elio Motors recently launched a crowdfunding effort as one of several strategies we are using to raise capital. If you've been to our page at crowdfunding platform StartEngine.com, you might have noticed that we were above $25 million in expressed interest earlier today, but as of this post, the numbers now reflect $21,585,326 million.

Here's why:

We have noticed several potential investors that expressed interest are "suspect" based on dollar amounts and newly created email addresses. The StartEngine.com team has flagged these inquiries for further investigation and is not including them in the current total number of investors or expressed interest in dollar figures.

Currently we have 5,559 investors who have expressed interest in an Elio Motors investment at an average of roughly $4,000 each, out of which 72 percent of those investors come from our reservation holders and other fans of the company.

Keep in mind that the Regulation A+ offering has made it possible for start-up companies to "test the waters" and see if there is sufficient interest from potential investors. This phase serves as an expression of interest and is non-binding. Following this phase, Elio Motors will proceed with filing an offering statement with the SEC and once that offering statement is qualified by the SEC, Elio Motors can make a formal stock offer to interested investors.

Overall, we are extremely pleased with the initial support of our crowdfunding initiative and will continue to take additional expressions of interest while working with the SEC on next steps.


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