The struggles of three-wheeled car start-up Elio Motors continue with the company now stating that it needs to raise an additional $100 million.
In paperwork filed to the U.S. Securities and Exchange Commission on August 3, Elio said it wants to hold an initial public offering of its common stock and wants to trade on the Nasdaq exchange.
Back in May, the company said it needed to raise $376 million to fund production of the K-1 three-wheeler but evidently, its fundraising attempts haven’t been successful. In January, the company said it had just $101,317 in the bank while its latest filing claims that has now increased to $208,748.
Since Elio started accepting reservations for the K-1 in 2013, it claims to have received over 65,000. Since 2013 however, the base price of the vehicle has increased from $6,800 to $7,300 and most recently, up to $7,450.
In the filing, Elio said “We have not yet produced or delivered our first vehicle and we have not generated any revenues. If we do not successfully address these risks, our business, prospects, operating results and financial condition will be materially and adversely harmed.”
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