Elio Motors is seeking $100 million on Wall Street to salvage its hopes to produce its frugally priced, three-wheel, 84 mpg car.

The startup filed with the U.S. Securities and Exchange Commission on Aug. 3 to have an initial public offering for its common stock. Elio stock will be traded on the Nasdaq stock exchange.

Elio needs the cash to stabilize its deteriorating financial condition and bring its product to market. In the SEC filing, the company said that the three-wheeler will come out in 2019 at the earliest from its Shreveport, La., plant.

The base price, previously stated at $6,800, will now start at $7,450, according to the IPO filing.

“We intend to use the net proceeds of this offering for working capital and general corporate purposes, including sales and marketing activities, product development, and capital expenditures,” Elio wrote in the SEC filing.

Part of the $100 million will pay for changes in the car’s engineering and design.

Company founder Paul Elio showed off the prototype model last year.

Nearly 65,000 pre-orders have been placed. The first owners of the three-wheeler had already been notified of production delays.

“The Elio is still in development, and we do not expect to start delivering to customers until 2019,” the filing said.

SEE ALSO:  Elio Motors Facing Increasing Deficit With $123 Million Loss Reported To SEC

The SEC filing states that the company has $208,748 in cash on hand. As of March 31, Elio had $41.5 million in capital deficiency and a stakeholder deficit of $145.9 million.

The company acknowledged in the filing that it’s first vehicle may not succeed.

“The Elio vehicle requires significant investment prior to commercial introduction, and may never be successfully developed or commercially successful,” Elio Motors said in the IPO filing.

An independent accounting firm auditing the startup said that Elio probably won’t stay afloat without new capital.

Automotive News