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.
