Elio Motors is seeking to raise the $25 million to move closer to production, including building and testing an additional 25 vehicles that will be used for final engineering steps and validation.

Since 19 June, Elio Motors has been in the “testing the waters” phase, gauging the level of interest from potential investors. Elio Motors received more than $45.6 million in non-binding expressions of interest, nearly 183% of its expressed goal.

The company has offered an opportunity for all those that have indicated interest to buy shares during an exclusive period running to 2 December. Once those days end, Elio Motors will open the offering to the general public if it has not received subscriptions for the entire $25 million offering.

Elio Motors is launching an innovative, enclosed, three-wheel vehicle (the Elio) that will get up to 84 MPG with a targeted $6,800 base price and is aiming for a late 2016 production launch. More than 47,000 people have reserved a spot in line to purchase a vehicle when they go to production.

In March 2015, the Securities and Exchange Commission finalized rules under Title IV of the 2012 Jump Start Our Business Start-up (JOBS) Act, paving the way for private companies to raise up to $50 million from non-accredited investors. This new ruling is known as “Regulation A+.”

Non-accredited investors have annual incomes of less than $200,000 for individuals or less than $300,000 for married couples and net worth under $1 million, excluding their primary residence.