Several months ago, the word drew out that the last floor of Elio Motors to save his dream to bring in life a three-wheeler car involved funds from the creation of a digital "token" nicknamed ElioCoin. Put aside any doubt if this seems a questionable proposal because, Thursday, Elio announced the pre-sale (??) of the security token ElioCoin (???).
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Elio has already confirmed the first buyer, Patrick Byrne, founder of Overstock.com, which kicked off $ 2.5 million for the start in April and yet, considerably, there exists – for, uh, pre-sale of a digital currency that will be used to finance capital production costs. In total, Elio wants to raise $ 25 million from any major sale of ElioCoin.
Paul Elio, CEO of Elio Motors, was absolutely exuberant in a statement.
"This is a watershed moment for Elio Motors," said Paul Elio, CEO. "Our most recent partnerships with Dr. Byrne and other major institutional investors have further crystallized our vision of bringing Elio to production.We look forward to the launch of ElioCoin and offer secondary trading on the tZERO security token platform. "
I had to stop because, pulling back the weeds and digging in the manure, this, uh, says it's a pre – sale of a very unregulated digital currency. What the hell is a pre-sale of an initial offer of coins? Here is an explanation from bitrates.com, a cryptocurrency news site:
A pre-sale on a token occurs before an ICO launch. In a presale, the startup offers tokens while they are still under development before they are available to the public. The purpose of pre-sales of the token is to raise funds to further develop the project in its initial stages or to finance the operations that will lead to the launch of ICO. Because the risks involved in investing in a pre-sales tokens are much higher, tokens are (in most cases) offered at a discounted price.
For Elio fans who have been told for years that production is only a year or two away from the line, this shift from the press release is also sure to inspire confidence:
This press release does not constitute a & # 39; offer to sell or solicitation of an offer to purchase the securities, nor will there be any sale of securities in any state in which such offer, solicitation or sale is unlawful prior to registration or qualification under the securities laws of that state. Any offer of the securities under the registration declaration for resale will only take place through a prospectus.
This extremely dense legalese was interrupted because, if the pre-sale of this token had been defined as "an offer to purchase securities", "Elio should probably comply with the regulations established by the Securities and Exchange Commission, notes bitrates.com
The pre-sale, if you're still with me, runs through October 15th, and Elio Motors can extend or close the presale at its discretion because it is a pre-sale of digital currency and not c & # 39 is nothing that prevents him from doing so.Once it's over, the main sale will begin says Elio, and details will be available once the pre-sale is over.
I offer no official opinion if this works Godspeed if you want to be involved.