Elio Motors withdraws $100 million Nasdaq IPO; plans to launch coin offering

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Elio Motors, which is developing fuel-efficient three-wheeled vehicles, withdrew its plans for an initial public offering on Wednesday. The pre-revenue company originally filed in August 2017 with a proposed deal size of $100 million. It is listed on the OTC market under the symbol ELIO with a $96 million market cap.

Through Monday's close, the company's stock had traded off more than 60% in the past year. On Tuesday, Elio issued a press release stating that it raised $2.5 million in a private placement at $2.75 from Overstock.com, and that it planned to launch a security token offering and issue ElioCoin to fund vehicle production. The OTC-listed stock closed 32% higher on the news.

The Phoenix, AZ-based company was founded in 2009 and had planned to list on the Nasdaq under the symbol ELIO. Drexel Hamilton was set to be the sole bookrunner on the deal.

The article Elio Motors withdraws $100 million Nasdaq IPO; plans to launch coin offering originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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