Dear ElliptiGO Investor Team,
I am thrilled to report that thanks to your support, we were able to not only reach our stretch goal of $1,000,000 but blow it away. We ended up at a total investment of $1,281,377.50 from 610 investors. We brought in more than $500,000 yesterday alone, which is truly incredible. I found out today that of the 100+ companies that have completed Regulation Crowdfunding campaigns, only 7 have reached $1 million, so we truly had one of the most successful campaigns ever. On top of that, we set a new record for the highest average investment amount per investor in a $1 million+ campaign. Thank you for making this campaign so successful!
Now we have to allow all of the investments to clear. This process takes 10 business days. After 10 days of clearing, StartEngine will contact any investors with “incomplete” investments to rectify any issues with their investments.
We are limited to a maximum raise of $1,000,000 so we will likely have to refund some monies that have been collected by the escrow company to people who came in at the very end of the process. This process also takes about 10 business days for StartEngine to sort out.
Once all of that is done, the funds will be transferred. Each investor will receive an email with a countersigned subscription agreement, which you should keep in your files as a record of your stock purchase. StartEngine will then provide us with the list of investors and their contact information which will go into our corporate books. At that point, we will get the investor welcome kits sent out, provide the discount codes for people who purchased 500 or more shares, and get shirt sizes for investors who purchased 1000 or more shares. Sounds like we're looking at early April for that.
It’s quite a bit of work for StartEngine and the escrow company to handle 600+ individuals, so we very much appreciate your patience as they get everything perfect.
In other news, hopefully you saw that we launched the Arc 3 and Arc 24 products today as scheduled. We are really excited about having a complete family of Arc products as well as a product priced below $1,000. If you didn’t see the launch, you can check out the new Arc product family on our website: www.elliptigo.com. Many of our dealers have the Arc 24 in stock starting today, so you should be able to test ride one at your convenience. Another piece of good news is that we expect to add another $75,000 - $100,000 in investments from two individuals on Friday. That will raise the total investment in this round when combined with the $1 million crowdfund to $2,325,000 - $2,350,000 and we see a path to getting that over $2,500,000 by the end of March. It’s an exciting time at ElliptiGO for sure.
All of us here at ElliptiGO very much appreciate your confidence in us, our products, this new category and our ability to build ElliptiGO into the company we believe it can be. We recognize that without our investor group, we would not be here. We see you as a member of our team and we’re looking forward to working with you to continue building this industry and our company. Thank you very much for joining us.