The Elio is still alive and well, despite the fact that the Three Wheeler is stuck in.
The company that was trying to make a cheap three-wheeled car disappeared a couple of years ago.They are still alive with a dream.Thanks to an investment by Overstock.com and a plan to introduce a new coin for investment.
Elio's common stock will be bought by Overstock.com before the company goes public.The investment coincides with a plan to issue an investment coin called ElioCoin, which will be issued through tZERO.
The Elio press release for the announcement includes where the income will go because of the public announcements about investment points.Elio is not doing well because of the amount of money involved and the plans for it.This is cash that is kept afloat.
For a total of $2.5 million, the stock purchase from Overstock.com will be at $2.75 per share.The debt board members at Elio hold over the company, which will also be converted into common stock at $2.75 per share, will use the proceeds of the new investment to fund capital expenditures and pay certain outstanding debt and accounts payable.That brings the total to more than $2 million.
The car could sell for as much as $7,500, according to Patrick M. Byrne, the founder and CEO of Overstock.com.He mentioned Overstock Retail and Overstock Cars.
The plan is to create an investment coin for Elio through which they can raise funds from the public to get the car into production.There have been many attempts to raise capital to get the car off the ground.
It seems like the worst time to do an initial coin offering since most of the coins are dead.It would have been better to do an Elio coinICO last year.
The Elio will fail because most of the die-hard supporters have given up.Who is going to buy the Elio coin??