Elio Motors, one of the very first companies to take advantage of the new Regulation A+ rules, part of the JOBS Act, allowing possible issuers the option to “test the waters” prior to an offer, has captured almost $17 million in expressed investor interest in just 19 days on StartEngine. Reg A+ allows not only accredited investors to participate but non-accredited investors to participate as well. Companies using Reg A+ may raise up to $50 million in new capital.
According to info from the equity crowdfunding platform, almost 5000 potential investors indicated a willingness to commit the solid sum to back the autocycle company. Elio initiated its test on June 19th the very day the new Reg A+ rules became actionable. Â There were joined by several other potential issuers but it appears that Elio may have generated the most solid results as of yet. Â Indications of interest are non-binding commitments from interested parties but should give Elio some guidance on moving forward with an equity crowdfunding offer.
Elio Motors is a “greentech automotive startup” raising funds for its predicted 2016 launch of its three-wheel, two-seat enclosed vehicle. The energy efficient transportation is expected to sell for $6,800 and get up to 84 MPG.
LA based StartEngine is managed by CEO Ron Miller, a staunch advocate of access to capital and the democratization of investment opportunity. StartEngine has always viewed Title III of the JOBS Act as a unique opportunity but with final rules still in limbo the crowdfunding platform has launched with several companies looking to use Reg A+.
It will be interesting to see when, and how much, Elio Motors will raise once the details of the offer become public. Â The current funding goal is stated at $25 million.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!