The ELMS Urban Delivery, expected to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the US 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 became public through 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 after “extensive review” allows its assets to liquidate. Will give The company’s product and commercialization plans” proved to be no better option for the stakeholders.
The ELMS public offering, in late June 2021, came amid a wave of SPAC deals that took EV manufacturers public. The company is the first of those post-SPAC EV manufacturers to say it will declare bankruptcy.
McIntyre has served as interim CEO since February, when founder Jason Luo and then-CEO Jim Taylor Struggling start-up abandoned After an internal investigation it was found that the company’s past financial statements were unreliable.
ELMS said in a statement that they make the executive departure, and a Related investigations by the Securities and Exchange Commissionmade it “extremely challenging” to obtain additional funding.