EV start-up Electric Last Mile Solutions to declare bankruptcy
The ELMS Urban Delivery, anticipated to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the U.S. market and will be produced at the Company’s facility in Mishawaka, Indiana.
Electric Last Mile Solutions
EV start-up Electric Last Mile Solutions said late Sunday it plans to file for bankruptcy less than a year after it went public via a merger with a special purpose acquisition company.
The Michigan-based maker of electric commercial vans said in a release that interim CEO Shauna McIntyre and its board of directors decided on Sunday to file for Chapter 7 bankruptcy protection, which will allow it to liquidate its assets, after a “comprehensive review of the company’s products and commercialization plans” turned up no better option for stakeholders.
ELMS’ public offering, in late June 2021, came amid a wave of SPAC deals that took EV makers public. The company is the first of those post-SPAC EV makers to say that it will declare bankruptcy.
McIntyre has served as interim chief executive since February, when founder and Chairman Jason Luo and then-CEO Jim Taylor left the struggling start-up after an internal investigation found that the company’s past financial statements were unreliable.
ELMS said in a statement that those executive departures, and a related investigation by the Securities and Exchange Commission, had made it “extremely challenging” to secure additional funding.
The ELMS Urban Delivery, anticipated to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the U.S. market and will be produced at the Company’s facility in Mishawaka, Indiana.
Electric Last Mile Solutions
EV start-up Electric Last Mile Solutions said late Sunday it plans to file for bankruptcy less than a year after it went public via a merger with a special purpose acquisition company.
The Michigan-based maker of electric commercial vans said in a release that interim CEO Shauna McIntyre and its board of directors decided on Sunday to file for Chapter 7 bankruptcy protection, which will allow it to liquidate its assets, after a “comprehensive review of the company’s products and commercialization plans” turned up no better option for stakeholders.
ELMS’ public offering, in late June 2021, came amid a wave of SPAC deals that took EV makers public. The company is the first of those post-SPAC EV makers to say that it will declare bankruptcy.
McIntyre has served as interim chief executive since February, when founder and Chairman Jason Luo and then-CEO Jim Taylor left the struggling start-up after an internal investigation found that the company’s past financial statements were unreliable.
ELMS said in a statement that those executive departures, and a related investigation by the Securities and Exchange Commission, had made it “extremely challenging” to secure additional funding.
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