New to the board but not to the company.
I've been following this company for over 3 years and I begged them to go public. This company had all the ingredients for a spectacular pump and dump. I never thought it would open at $12 and go to $60. figured this would open around .30 and go to $7 and then down to sub penny land. Here's why they will fail (and already have):
For the past 3 years, ELIO has raised money by asking for non refundable deposits, called "All in deposits." They would put out cheap PR about taking over the old GM Hummer building and re-purposing equipment and machinery to build 1,000 "cars" a day. They would say that everything is in place for production to start in 6-8 months. 5 months later they would come out with a release saying more great news! (Pepboys is going to be their service providers, you don't need a helmet to drive one, upgrades may be available, etc) Then they'd go quiet and come back as if they didn't just miss a production goal. Check out their facebook page for the early bagholders. I believe this "car" was going to sell for less than $6,000 and then they admitted it couldn't be less than $6,800 and now Im not sure if they are even allowed to say that. Then they sell some Private stock and now they are public. Still no car (I think they made 4 or 5 that they have been towing around the country) Some people have called them the next Aptera 2 series failure (google image it. Look familiar?)
The good news is that they really do have the Shreveport factory. Bad news? If they don't start production they are looking at serious fines.
This company has missed every deadline it has ever announced. Either they can't learn from their mistakes or they are leading you on. My experience says they are leading you on. This Public Offering is going towards commercials for a car that doesn't exist. If this stock was at .30 cents I would say let's all pump it to $3.00 and run, but for some odd reason it's selling higher than GM and FORD combined. way too risky for the falling knife that is inevitable
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
