EV maker Electric Last Mile Solutions files for bankruptcy

U.S. commercial electric vehicle maker Electric Last Mile Solutions Inc (ELMS) is planning to file for Chapter 7 bankruptcy.

The Michigan-based company disclosed a probe by the U.S. Securities and Exchange Commission and withdrew all its previously issued business outlook in March. read more

ELMS had said the SEC was investigating matters discussed in prior filings including disagreements with an accounting firm and compliance with the Nasdaq’s listing rules.

In February, the then Chief Executive Officer Jim Taylor and Chairman and founder Jason Luo resigned, following an investigation into their share purchases.

The EV maker previously laid off about 24% of its staff as it focussed on its core business.

The company went public in June 2021 through a merger with blank-check firm Forum Merger III Corp.