{"id":117975,"date":"2017-08-07T14:12:59","date_gmt":"2017-08-07T18:12:59","guid":{"rendered":"http:\/\/www.thedetroitbureau.com\/?p=117975"},"modified":"2017-08-07T14:12:59","modified_gmt":"2017-08-07T18:12:59","slug":"elio-motors-looks-to-raise-100-million-with-new-offering","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2017\/08\/elio-motors-looks-to-raise-100-million-with-new-offering\/","title":{"rendered":"Elio Motors Looks to Raise $100 Million with New Offering"},"content":{"rendered":"
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The Elio will get 84 mpg when the three-wheeler hits the streets.<\/figcaption><\/figure>\n

Paul Elio is still determined to make his three-wheeled dream a reality. Elio Motors, the much-ballyhooed company created to make it happen, is looking to raise as much as $100 million in a new public offering.<\/p>\n

The Elio is a three-wheeled, two-seat car that was expected to get 84 mpg. The car was initially featured a target price of $6,800, but that\u2019s risen since its introduction several years ago to $7,450. The car is produced in a former General Motors plant in Shreveport, Louisiana.<\/p>\n

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News Now!<\/figcaption><\/figure>\n

In addition to asking for the $100 million, the company revealed in the filing that production vehicles will be unlikely to hit the road until 2019, which is a year later than the last estimate. More than 62,000 people have paid for reservations for the vehicles.<\/p>\n

\u201cWe intend to use the net proceeds of this offering for working capital and general corporate purposes, including sales and marketing activities, product development, and capital expenditures,\u201d Elio said in the filing.<\/p>\n

(Elio three-wheeler inches closer to production. <\/em>Click Here<\/a><\/span> for the story.)<\/em><\/strong><\/p>\n

The $100 million is basically for the registration fee, the company said in the filing. Elio officials revealed earlier this year that the company really needed another $376 million to bring the vehicle to market in large, full-production numbers in the five-figure range.<\/p>\n

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Elio Motors sold 100 of the preproduction models to generate some cash.<\/figcaption><\/figure>\n

In May, it also said it laid off a large chunk of its engineering, manufacturing, and sales and marketing workforce. The company currently has $208,748 on hand, according to the filing, up from about $120,000 earlier this year.<\/p>\n

The U.S. Securities and Exchange Commission-mandated statement notes that the number of shares and the price range for the $100 million offering haven\u2019t been determined for the initial public offering, but the company does plan to list on the NASDAQ Global Market.<\/p>\n

(<\/em><\/strong>Click Here<\/a><\/span><\/strong>\u00a0for details about Elio Motors national advertising campaign.)<\/em><\/strong><\/p>\n

The need for money isn\u2019t just related to engineering or marketing needs. In July, Elio was tagged with a $545,000 by the state of Louisiana. The company is considered to be operating as a \u201cmanufacturer\u201d under state law and must have a license to accept non-refundable deposits.<\/p>\n

The company owes money too, in particular $1.75 million to RACER Trust as part of a loan that facilitated the company\u2019s move into the Louisiana factory, according to Jalopnik. RACER, which took over the facility as part of GM\u2019s bankruptcy, loaned Elio $23 million in the deal.<\/p>\n

The company\u2019s upside is that it has been working to improve the original model during these delays.<\/p>\n

(Elio selling 100 preproduction models to raise cash. For more,\u00a0<\/strong><\/em>Click Here<\/a><\/span><\/strong>.)<\/strong><\/em><\/p>\n

This version has also had a number of updates to its unibody frame, while it\u2019s body has been updated to improve aerodynamics. The changes should improve the little Elio\u2019s ride comfort, as well as safety \u2013 the three-wheeler now schedule to have three airbags.<\/p>\n","protected":false},"excerpt":{"rendered":"

Elio Motors, the much-ballyhooed company created to make it happen, is looking to raise as much as $100 million in a new public offering, according to TheDetroitBureau.com.<\/p>\n","protected":false},"author":4389,"featured_media":111551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[8],"tags":[],"make":[],"post-state":[],"category_old":[151],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/117975"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/4389"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=117975"}],"version-history":[{"count":0,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/117975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/111551"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=117975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=117975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=117975"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=117975"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=117975"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=117975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}