Elio Shares Trade on OTCQX Following Reg A+ Equity Crowdfunding Round

Elio PrototypeAs expected, Elio Motors has listed its shares on OTC Markets OTCQX. According to OTCMarkets, OTCQX is their best marketplace designed for companies that meet a high standard of financial disclosure.

Elio (OTCQX:ELIO) closed their equity crowdfunding round on StartEngine having raised approximately $17 million in new capital.  The new listing on OTCQX provides liquidity for early investors if they choose to sell their shares. The listing was handled by WR Hambrecht, a firm that is specializing in Regulation A+ issuers. Elio may now claim “First” as they are the first company to have completed the Reg A+ equity crowdfunding offer and list shares on a public exchange.

Paul Elio, namesake and CEO of Elio Motors, called the listing on OCTQX an important step forward and a proud day for his company;

“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,” said Elio.

Elio is developing a gas-powered, three-wheel vehicle that is designed to be highly cost effective with a purchase price under $7000 and an estimated 84 MPG. On February 12th Elio Motors reached 50,000 reservations for a place in line to buy the vehicle.  Elio expects to commence manufacturing late in 2016 but some observers expect the production date to be pushed into 2017.

Paul ElioIn March 2015, the SEC finalized amendments to old 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 approval from the SEC. The company closed the Regulation A+ offering on February 16th.

WR Hambrecht + Co has served as Elio Motors’ capital markets advisor and Designated Advisor for Disclosure (DAD), responsible for providing professional guidance on OTCQX requirements, securities laws, and corporate finance strategy. Their Regulation A+ strategy is said to be a continuation of Bill Hambrecht’s legacy of conducting small public offerings for what were once considered high-risk start-ups that are now household names and Fortune 500 companies.

John Hullar, Managing Partner at WR Hambrecht, called Elio a great opportuntiy;

“Our team is passionate about growth companies such as Elio Motors because they represent a great opportunity for all classes of investors.”

 


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