On Wednesday, Elio Motors, Inc. (OTCQX: ELIO) announced it has engaged Oppenheimer & Co. Inc. and Northland Capital Markets for investment banking services, which includes strategic advisory, financing, and capital markets strategies.
Sharing details about the new collaboration, Paul Elio, founder and CEO of Elio Motors, stated:
“Elio Motors continues to achieve important milestones in our engineering and fundraising efforts as we move closer to our commercial production goal. In every facet of our operations, we’ve assembled blue-chip suppliers, partners and employees, and both Oppenheimer and Northland are great additions to that team. Oppenheimer is a proven leader in emerging growth business financing, and its 130-year history and highly respected expertise will help us meet our financial goals.”
Elio went on to add:
“Throughout our history, we have been able to find a variety of funding opportunities to help us in our relentless quest to get to production. We are now positioned to involve the expertise of Oppenheimer and Northland to continue the funding phase and expand on the momentum we continue to build.”
Elio previously raised approximately $17 million on equity crowdfunding platform StartEngine. The mini-IPO type offer was available to anyone -not just accredited investors. The securities also became immediately transferable under the Reg A+ rules. Shareholders purchased shares at $12/share. The company worked diligently to list their shares on the OTCQX, the market reserved for the highest qualify companies listing on the OTC platform. The E-Series completion was notably funded in large part by the crowd-funded stock sale the company completed earlier this year.
Most recently, Elio locked the price of $7,300 for the base model of its highly anticipated three-wheel vehicle. The company also revealed it has applied for a $185 million Advanced Technology Vehicles Manufacturing (ATVM) loan from the Department of Energy (DOE). It is now seeking the necessary binding purchase commitments that are needed to meet the recent change loan criteria, which was revised in June 2016.
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