Electric Last Mile Solutions to file for Chapter 7 bankruptcy.
Auto Business News-June 13, 2022--Electric Last Mile Solutions to file for Chapter 7 bankruptcy
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Auto Business News - 13 June 2022
Electric Last Mile Solutions, Inc. (Nasdaq: ELMS), a pure-play commercial electric vehicle (EV) company, is planning to file for Chapter 7 bankruptcy.
Subsequent to the resignations of Jim Taylor the company's former chief executive officer, and Jason Luo, the company's founder and former executive chairman in February 2022, the company named board member Shauna McIntyre as its interim CEO and president.
Based on the findings of the same board-initiated investigation that resulted in the resignations of Taylor and Luo, ELMS was forced to withdraw financial guidance and declare the firm's past financial statements unreliable.
McIntyre said, 'I'm very disappointed by this outcome because our ELMS team demonstrated incredible determination to get our electric...
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