Elio Motors, which is developing fuel-efficient three-wheeled vehicles, filed on Thursday with the SEC to raise up to $100 million in an initial public offering on the Nasdaq. Elio raised $16 million in a Regulation A offering in February 2016 and is currently listed on the OTCQX under the symbol ELIO with a market cap of more than $100 million.
The company states that it will compete with Tesla (Nasdaq: TSLA); it plans to use a similar distribution model and open galleries where its Elio vehicle may be viewed in person.
The Phoenix, AZ-based company was founded in 2009 and plans to list on the Nasdaq under the symbol ELIO. Drexel Hamilton is the sole bookrunner on the deal. No pricing terms were disclosed.
