Elio Motors has less than $5,000 in reserves and is looking for a new avenue to generate cash, a new filing with the Securities and Exchange Commission reveals.
KTBS-TV reports the startup carmaker notes 15 times in the filing that it lacks the capital to produce its promised three-wheeled vehicle and may cease operations or liquidate.
The Caddo Parish Commission bankrolled the purchase of the former General Motors plant so Elio could manufacture the tiny car in the parish and bring 1,500 jobs to northwest Louisiana.
But Elio has yet to make good on its promise, permitting production deadlines to lapse year after year due to a lack of capital.
In a bid to stay afloat, Elio is turning to Nasdaq to sell shares of its stock.
The goal, KTBS reports, is to raise $100 million to actually build the cars, but Shreveport resident Walkie Miles wants to know what happened to the almost $44 million Elio raised from crowdfunding and customer deposits for the quirky three-wheel vehicle.
“Where is the money?” Miles says.
In July, the Louisiana Motor Vehicle Commission fined Elio Motors $545,000 for operating as a manufacturer in the state without a license.
