StartEngine Convertible Note Investment

Updated 3 months ago by The Eli Team

How does my Convertible Note investment work?

Your convertible note investment offers you the right to receive Class A Common Stock in Eli Electric Vehicles, Inc.. To put it simply, your convertible note will convert to Eli’s Stock, and the amount of Stock you will receive in the future will be determined at the next equity round (in which the Company raises at least $500,000 in a qualified equity financing). 

The highest conversion price per security is set based on a $18,000,000 Valuation Cap, or if less, then you will receive a 20.0% discount on the price the new investors are paying. You will also receive ~5.0%(or depending on your investment terms) interest per year added to your investment. 

When the maturity date is reached, if the note has not converted then you are entitled to receive Class A Common Stock equal to your investment and interest back at a price per security determined by dividing the Valuation Cap by the aggregate number of outstanding equity securities of the Company as of immediately prior (on a fully diluted basis).

All Convertible Notes from our previous Equity Crowdfunding round were converted into Class A Common Stock.

According to the terms of the subscription agreements, all Convertible Note investments (principle plus interests) were automatically converted into Class A Common Stock on Dec 24th, 2021, at $3.51 per share. Individual investors' cost basis may vary slightly according to the interest amount and the bonus tier the investor qualified for.

Investors Accounts

Investors can view their individual investments by logging into their accounts managed by our Transfer Agent (Colonial Stock Transfer). If you are an investor, you should have received an email from our Transfer Agent with detailed login instructions. If you have any trouble logging in, please email us at ir@eli.world

If you have not received an email regarding your account information, please check your SPAM inbox, or email us at ir@eli.world.

If you have invested in Eli through multiple equity crowdfunding rounds, investments from the ongoing equity round will not be shown in your account, until after the round is closed.

Shareholders who already have an account with Colonial should log into their already-existing account and then link the Eli Electric account using the account numbers they were provided. If they run into any problems, they can email our shareholder support team at shareholders@colonialstock.com.

Your Investments drive our progress. You may continue to support us by increasing your investment, and participating in our latest round of investment. Thanks for being an early investor of Eli!

The numbers listed above are for references only, please see the detailed terms of your subscription agreement.

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