Ronn Motor Group, an automotive company that produces the eco-friendly, hydrogen fueled Scorpion supercar, has launched a Reg A+ equity crowdfunding offer to raise up to $50 million in equity capital. Ronn Motor Group wants to use the additional funding to “evolve” the Scorpion into an all-electric car labeled the Phoenix.
The Phoenix will be equipped with a hydrogen range extender intended to add up to 300 miles to the distance the vehicle can travel for a total estimated range of 600 miles thus addressing a shortcoming in the current round of electric only vehicles. The Phoenix will serve as the platform for the Company’s eco-daily drivers (EDDs), the next generation of affordable and environmentally friendly vehicles, as well as other transportation systems Ronn Motor Group aims to build, including buses and trucks. The Phoenix expects to have a price point in the range of $125,000 to $175,000. The company predicts initial production ability of up to 500 cars per year.
The equity crowdfunding offer is posted on the Ronn Motor Group website and not on a funding portal although they anticipate listing on a portal at some point. Recently there have been more issuers using Reg A+ that have chosen to sell securities directly to the public without the assistance of a funding portal. The offer has not set a minimum funding round but will be offered continuously until the maximum allowable amount has been raised or by April 4, 2018. Investors may purchase common equity at a price of $2.50 per share. Presently there are 198,500,000 shares outstanding. The company is an early stage firm and reported no revenues for the fiscal year ending 2016. Additional information is available in the Reg A+ offering circular.
“Over the past several years, the world has seen the rise of renewable fuel alternatives with the participation of private and public market actors as well as the support of state and federal government agencies in the US and abroad, and the future is even brighter,” said Ronn Ford, founder and CEO of Ronn Motor Group. “We’re excited to be in a position to extend this investment opportunity to like-minded individuals to take part in the company’s vision for the transportation industry at such a relevant time in history. What you’re investing in is technology that will drive the next generation of environmentally conscious vehicles. We don’t have millions and millions to take on the big automakers, but with the recent changes to securities law, we can band together with anyone who believes in our mission to develop new automotive and transportation designs that reduce the negative effects on our earth, our health and our quality of life.”
Ronn Motor Group seeks the funding to not only scale the business but has entered into a memorandum of understanding to acquire an electric bus manufacturing company, Swedish Specialty Vehicle Investments, located in Sweden.
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