Electric Last Mile Solutions initiates bankruptcy proceedings
Electric Last Mile Solutions said in a filing the US commercial electric vehicle startup had commenced bankruptcy proceedings and blamed a lack of funding for the decision.
The company said that investigations by the US 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, said it received a notice from Nasdaq 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.
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Electric Last Mile Solutions said in a filing the US commercial electric vehicle startup had commenced bankruptcy proceedings and blamed a lack of funding for the decision.
The company said that investigations by the US 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, said it received a notice from Nasdaq 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.
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