Elio Motors, Inc. (OTCQX: ELIO) Surges 44.44% After Filing S-1, Preparing For Nasdaq Global Market Listing
Elio Motors, Inc. (OTCQX: ELIO) operates as a vehicle manufacturer of three-wheeled cars, called the Elio. The Elio has a target base price of $7,450 and can get up to 84 miles per gallon (mpg). Shares of the car manufacturer closed up 44.44% on Thursday, August 3, 2017. Over the past month, Elio Motors, Inc. has seen average daily volume of 4,225 shares. However, volume of 23,354 shares or dollar volume of $151,801, exchanged hands during trading on Thursday.
Shares of Elio Motors, Inc. rallied today, after the company announced it has filed an S-1 registration with the SEC in preparation for a public offering. The company’s plan will it to list its common stock on the NASDAQ Global Market. However, the specific details of the offering have not yet been disclosed. Here is the full press release detailing of the S-1 registration and proposed public offering:
Elio Motors, Inc. Press Release:
Elio Motors, Inc. (OTC QX:ELIO), a startup vehicle manufacturer planning to launch a three-wheeled vehicle, with a targeted base price of $7,450, that will get up to 84 mpg, today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Elio Motors intends to list its common stock on the NASDAQ Global Market under the ticker symbol “ELIO.”
Drexel Hamilton LLC will serve as lead manager in the offering.
The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus, when available, may be obtained from Drexel Hamilton LLC, 77 Water Street, New York, NY 10005, Attention: Eda Kouch, Telephone: 212-632-0404, Email: firstname.lastname@example.org.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Elio Motors, Inc.
Founded by car enthusiast Paul Elio in 2009, Elio Motors, Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The three-wheel Elio is engineered to attain a highway mileage rating of up to 84 mpg, while providing the comfort of amenities such as power windows, power door lock, air conditioning and cruise control, accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio’s first manufacturing site will be in Shreveport, Louisiana.
This press release contains forward-looking statements, including statements about the proposed offering. Actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of risk factors and uncertainties discussed in documents filed by Elio Motors with the SEC. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170803005831/en/
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