Electric Last Mile Solutions initiates bankruptcy proceedings By Reuters

News



© Reuters. FILE PHOTO: The logo to U.S. commercial electric vehicle maker Electric Last Mile Solutions (ELMS) is seen on the side of its electric Urban Utility van in Troy, Michigan, U.S. November 19, 2021. REUTERS/Rebecca Cook/File Photo

(Reuters) – Electric Last Mile Solutions said in a filing https://www.sec.gov/ix?doc=/Archives/edgar/data/1784168/000121390022032839/ea161577-f8k_electrilast.htm on Tuesday the U.S. commercial electric vehicle startup had commenced bankruptcy proceedings and blamed a lack of funding for the decision.

The company said on Sunday investigations by the U.S. Securities and Exchange Commission and an internal committee into the share purchases of former CEO Jim Taylor and Chairman Jason Luo leading to their resignation made it “extremely challenging” to secure funding.

The Troy, Michigan-based company, which ceased all operations on Tuesday, said it received a notice from Nasdaq on Monday regarding the delisting of its shares and expects trading of its stock to be suspended on June 23.

The company went public last year June through a merger with blank-check firm Forum Merger III Corp.

Electric Last Mile said earlier this week it was planning to file for Chapter 7 bankruptcy after a review of its products and commercialization plants.

Leave a Comment

Leading the way

Let's build a better world together

Project planning
Design expertise
Great qualifications

Nullam vestibulum finibus sapien, id consequat mauris tempus auctor.

Locations

90 Newport St., Natick, MA 01760

83 Taylor Street, Kings Mountain, NC 28086

22 Birch Hill St., Villa Rica, GA 30180

Support requests

support@construction.com

Nullam scelerisque leo felis, quis congue mauris tristique in. Suspendisse pulvinar, felis eu facilisis mattis, turpis odio luctus nisi, et ultrices velit enim quis lacus.

Request a quote

[Insert your contact form here]

Construction

Vivamus vehicula dictum elit at bibendum. Etiam finibus eros ut urna auctor ullamcorper. Sed at erat eget nisl rutrum ultrices sed eu ex.

Newsletter

Sign up to receive the latest news and trends from our company.

More questions? Get in touch