Race driver Scott Speed will provide commentary during the Formula E Mexico City ePrix on March 12. Speed, who drove for Andretti in Formula E three times last season, will be filling in for Dario Franchitti. "I'm really excited about this opportunity and I think it will be a fun experience to see things from the other side of the camera," says Speed. "I think Formula E is a great championship, which produces really exciting races, and I can't wait to get involved in the build-up to the race in Mexico City!" Read more from Formula E.
Elio Motors is selling shares on the OTCQX market. The company made the move after raising $17 million with its Regulation A+ offering. "This is a proud day for Elio Motors and an important step forward in our development and mission to bring low-cost, highly fuel-efficient transportation to the market," says Elio Motors CEO Paul Elio. He continues, "The past three months have been among the most important and productive in our company's history as we continue to reach one milestone after another." Read more in the press release below.
Stock offering one of several mission-critical steps forward in the past three months for startup vehicle manufacturer
PHOENIX, Feb. 19, 2016 /PRNewswire/ -- Elio Motors, Inc. (OTCQX: ELIO), the startup vehicle manufacturer planning to launch a three-wheeled vehicle that will get up to 84 MPG with a targeted base price of $6,800, today announced its shares are now trading on the OTCQX market under the stock symbol ELIO.
"This is a proud day for Elio Motors and an important step forward in our development and mission to bring low-cost, highly fuel-efficient transportation to the market," said Paul Elio, founder and CEO of Elio Motors. "Funding is often a significant roadblock for bringing big ideas to the market. Regulation A+ allows entrepreneurs a quicker and more-efficient method for raising capital. Now, with those shares trading on the OTCQX, investors have the opportunity to buy into the Elio Motors mission and vision to positively impact the world."
Elio Motors is the first company to have its shares traded publicly on the OTCQX after going through the entire Regulation A+ process. In March 2015, the Securities and Exchange Commission (SEC) finalized amendments to Regulation A under Title IV of the 2012 Jump Start Our Business Start-up (JOBS) Act, paving the way for private companies to raise up to $50 million from non-accredited investors. Elio Motors was one of the first companies to launch a formal stock offering utilizing Regulation A+ on Nov. 20 , 2015, after receiving qualification from the SEC. The company closed the Regulation A+ offering on Feb. 16, having raised nearly $17 million and began the transition to the OTCQX market.
WR Hambrecht + Co serves as Elio Motors' capital markets advisor and Designated Advisor for Disclosure (DAD), responsible for providing professional guidance on OTCQX requirements, U.S. securities laws, and corporate finance strategy.
"Our team is passionate about growth companies such as Elio Motors because they represent a great opportunity for all classes of investors," said John Hullar, Managing Partner, WR Hambrecht + Co.
The success of Elio Motors' stock offering is the latest in a series of important milestones for the company as it launches its low-cost, high-mileage vehicle:
• In November 2015, the company introduced the P5, its fifth-generation prototype, featuring a 0.9 liter, 3-cylinder engine built by IAV specifically for Elio Motors.
• On Jan. 12, 2016, Elio Motors announced it will begin building is E-Series of prototype vehicles for testing and engineering purposes.
• On Jan. 20, 2016, the company launched its first national advertising campaign to help create additional awareness and generate more vehicle reservations.
• On Feb. 12, 2016, Elio Motors reached 50,000 reservations for a place in line to buy the vehicle.
"The past three months have been among the most important and productive in our company's history as we continue to reach one milestone after another," said Elio. "Seeing our shares go live is a monumental step forward for our company, our fans, our reservation holders and our investors. We have built a passionate following of grass-roots fans and reservation holders who believe in this project, and their support has been a big reason for our success. We'd like to thank them for their enthusiasm, and we hope they celebrate with us today. This infusion of capital will fuel our development and our drive to production."
Elio Motors plans to manufacture the vehicle in Shreveport, La., at a former General Motors production facility. The company is committed to creating American jobs and helping to boost the country's traditional leadership role in manufacturing.