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The company’s customers call it the “movie-star effect,” because of all the stares it draws. Is it a bike? Is it an elliptical? Has a piece of workout equipment suddenly become sentient and made a jailbreak from a local gym? What the heck is that thing? That thing is called an ElliptiGO, and you might have seen one rolling around the city, especially in Central or Prospect parks. It’s a bike-elliptical hybrid that first hit the road three years ago but is starting to show up more frequently around Gotham.
Jesse Graff explains how she likes to sweat. “I love running, but so many of the skills that I work on are high impact. After I had ACL surgery, I got an ElliptiGo, an outdoor elliptical bike, and I found that it’s better for me to do every day. There’s a one-mile hill behind my house and I just ride the ElliptiGo up the hill as fast as I can. It’s more similar to the running range of motion than a bike is.”
My apologies for the continued delay in getting the funding finalized. I have been in conversation with StartEngine and the entire fundraise is being held up by $38,000 in funds that have not been cleared by the escrow company because of a handful of issues. StartEngine has been working directly with the few individuals involved and all have been notified of their issue. If you have not been notified that your investment has an issue, it is very likely that your investment will be accepted.
As we can all agree, we need to bring closure to this process. If the investments that have issues are still not cleared on Monday, then they will likely be canceled so we can close the fundraising round.
I sincerely apologize to those individuals who are having difficulty getting their investments cleared and I hope we can get things fixed over the weekend so they are cleared on Monday. If not, we will likely have to close without you.
Thanks to everyone for their patience and we are looking forward to finalizing this investment effort soon!
Thank you very much for your patience and I sincerely apologize about my lack of communication. I was traveling internationally from March 4th through March 19th and didn't have good access to the Internet (hence the brevity of my last update). Fortunately, the team at StartEngine has been working full steam on closing out our fundraise and they've made quite a bit of progress. Ours was one of the more complicated raises so far because of the amount we raised and our desire to move about a dozen accredited investors representing more than $200,000 out of the crowdfund and into our accredited round to free up space so that the most investors possible can participate in the crowdfund.
Fortunately, we are now at the end of the process. This week all of the outstanding international wires should be released, which is the last thing we have been waiting on. At that time we can deposit the funds that are being held in escrow. Once that happens, we'll notify everyone of the outcome of their investment. Shortly after that we'll be sending out the investor welcome kits. So, please bear with us for the rest of this week as this comes together.
As always, we very much appreciate your support and are looking forward to welcoming you to the investor team!
Thanks very much for your patience! We are still clearing the last of the funds from the crowdfund. That should be done this week. Thanks again to those investors who were willing to move funds to the accredited round - that opened up room for about 100 additional investors to get into the crowdfund! We'll follow up with additional information later this week once everything is cleared. We really appreciate the support and are excited about executing our plans in 2017 and beyond.
I have received a lot of questions about the cutoff and whether a specific investor will be able to have their investment accepted. The $1 million cap is something that is non-negotiable, but fortunately, several investors who meet the requirements to be accredited under SEC rules have volunteered to cancel their crowdfund investment and instead invest through our accredited fundraise that we have been running concurrently with this one. That means we should be able to accept the vast majority of people who commit to the investment and want to invest. There may be a handful of folks that still miss out, but it should be very few people. Thanks very much to those individuals who made this possible - we very much appreciate it!
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.
This past week was sensational for ElliptiGO – we received more than$1,000,000 in new investments from a group of investors and generated an additional $200,000 in new investments through our funding portal. We expect to have more than 600,000 committed through the portal by the end of the day today. Next week will be even more exciting with the conclusion of our fundraise on Tuesday and the launch of two new ElliptiGO models on Wednesday.
We’re thrilled with the support we have received from our investor team and the progress we’ve made over the past few years. With thousands of satisfied customers around the world, we believe we are creating the next big thing in exercise and recreation. We’d love for you to be a part of it.
Hopefully we’ll be welcoming you to our investor team soon!
Good news! We are having a very successful fundraise and will continue to accept investments through February 28th, 2017. Per our offering terms, we will be conducting a 1st closing in as little as 5 business days. If your funds have cleared you will have up until 48 hours prior to this closing to cancel your investment.
We are thrilled with the response to this campaign and excited to welcome this army of new investors to our investor team. Investors have played an important role every step of the way as we built our company from an idea into the world's leading elliptical cycling brand. If you believe in the future of this industry, we'd love to have you on our team to help us continue spreading ElliptiGOs around the world. However, there are only a few days left to join us as an investor. We hope you won’t let this opportunity to be a critical part of something new and exciting pass you by.
Thanks you very much for your support and enthusiasm, we very much appreciate it.
We were thrilled to see a recent article on Nasdaq.com analyzing this crowdfunding offering. The author concluded that we are actually disrupting three industries and was enthusiastic about our prospects. He also included a graphic of the evolution of the bicycle that we found particularly interesting. Here's the article:
New investor and elite marathoner Tera Moody rode 213.2 miles on February 11 and 12 to set a new one-day distance record on an elliptical bicycle. The effort took her 14 hours, 19 minutes and 12 seconds and was set during the Bike Sebring 24-hour event. Tera is rumored to be looking at taking another shot at the distance record later this year! Here are the results: http://www.racesmith.com/results/2017results/BikeSebring24Hours021117.html
Orthopedic surgeon and founder of The Stone Clinic, Dr. Kevin Stone, just released an article about safe run training. He suggests that the ElliptiGO is the best substitute for running he's found and that it works the gluteal muscles better than any other running-related device. Plus, he says, it's fun!
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With Regulation A+, a non-accredited investor can only invest a maximum of 10% of their annual income or 10% of their net worth per year, whichever is greater. There are no restrictions for accredited investors.
With Regulation Crowdfunding, non-accredited investors with an annual income or net worth less than $124,000, are limited to invest a maximum of 5% of the greater of those two amounts. For those with an annual income and net worth greater than $124,000, he/she is limited to investing 10% of the greater of the two amounts.
At the close of an offering, all investors whose funds have “cleared” by this time will be included in the disbursement. At this time, each investor will receive an email from StartEngine with their Countersigned Subscription Agreement, which will serve as their proof of purchase moving forward.
Please keep in mind that a company can conduct a series of “closes” or withdrawals of funds throughout the duration of the campaign. If you are included in that withdrawal period, you will be emailed your countersigned subscription agreement and proof of purchase immediately following that withdrawal.
StartEngine assists companies in raising capital, and once the offering is closed, we are no longer involved with whether the company chooses to list shares on a secondary market, or what occurs thereafter. Therefore, StartEngine has no control or insight into your investment after the close of the live offering. In addition, we are not permitted to provide financial advice. You may want to contact a financial professional to discuss possible investment outcomes.
For Regulation Crowdfunding, investors are able to cancel their investment at any point throughout the campaign up until 48 hours before the closing of the offering. Note: If the company does a rolling close, they will post an update to their current investors, giving them the opportunity to cancel during this timeframe. If you do not cancel within this 5-day timeframe, your funds will be invested in the company, and you will no longer be able to cancel the investment. If your funds show as ‘Invested’ on your account dashboard, your investment can no longer be canceled.
For Regulation A+, StartEngine allows for a four-hour cancelation period. Once the four-hour window has passed, it is up to each company to set their own cancelation policy. You may find the company’s cancelation policy in the company’s offering circular.
Once your investment is canceled, there is a 10-day clearing period (from the date your investment was submitted). After your funds have cleared the bank, you will receive your refund within 10 business days.
Refunds that are made through ACH payments can take up to 10 business days to clear. Unfortunately, we are at the mercy of the bank, but we will do everything we can to get you your refund as soon as possible. However, every investment needs to go through the clearing process in order to get sent back to the account associated with the investment.
Both Title III (Regulation Crowdfunding) and Title IV (Reg A+) help entrepreneurs crowdfund capital investments from unaccredited and accredited investors. The differences between these regulations are related to the investor limitations, the differing amounts of money companies are permitted to raise, and differing disclosure and filing requirements. To learn more about Regulation Crowdfunding, click here, and for Regulation A+, click here.