Elio Motors hopes to raise $100 million with stock IPO on NASDAQ

The last time we heard much about
Elio Motors was back in January at the Detroit auto show, where the company showed off
its latest iteration of the E-Series three-wheeler. That month, we also learned that
Elio was seriously low on cash. But the company seems to have a plan to fix that, and it involves selling stock.

Elio announced that it has filed with the SEC to offer stock in the company publicly. It will be offered on the NASDAQ stock exchange with the ticker symbol “ELIO.” How much is the company hoping to earn? A not-insubstantial $100 million.

The company has seen its share of setbacks of late. In addition to the cash issues, Elio also announced in January that it was
pushing delivery back another year to 2018. The price of the Elio has crept up over time, too. It started with a target
base price of $6,800, and then bumped up to $7,300. In its stock offering announcement, we noticed that Elio has tacked another $150 onto the base price for a total of $7,450. Of course even with the price increases, the car will still be far cheaper than any other car in the U.S.

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