Elio Motors Inc. (ELIO)

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Elio Throws Financial Hail Mary With NASDAQ IPO Filing

The past year hasn’t been utterly kind to Elio Motors, a startup perplexing to launch an careful enclosed-tandem, front-wheel expostulate three-wheeler. The association seems to be no closer to starting prolongation and in fact has shuttered many of their operations, including open of their production-validation prototypes, and laid off many of their staff, to combine on lifting a income they need to start building trikes.

For a while Elio was drifting high. They had over 60,000 reservations and a Reg A+ batch charity lifted $16 million. That batch quadrupled in cost and quickly gave a association a billion-dollar valuation. Then, starting late in 2016, a settlement started forming. Some kind of bad news for Elio would seem on folks’ screens, possibly another prolongation delay, a SEC filing with ominous-sounding boilerplate, or internal politicians in Louisiana, where Elio betrothed to start building vehicles in what was before a GM open plant in Shreveport, would start angry about a miss of progress. The bad news would get amplified by Elio’s critics, and their over-the-counter batch cost would take a hit. A year ago a OTC shares were flattering fast during around $20/share. Down from a high of $60, yet still significantly above a initial charity cost of $14/share. By a finish of 2016, however, it had forsaken to about $15/share and given afterwards it’s had a array of drops to about $8, afterwards $7 and many recently about $5/share. Elio seemed headed for penny-stock status, or worse.

http://automagazine.info/news/elio-throws-financial-hail-mary-with-nasdaq-ipo-filing/