Electric Last Mile Solutions files for bankruptcy, shares down

Electric Last Mile Solutions

13/06/2022 10:46

** Shares of U.S. commercial electric vehicle maker Electric
Last Mile Solutions Inc  ELMS.O  down 49% at $0.26 in premarket
trading
    ** ELMS said on Sunday it plans to file for Chapter 7
bankruptcy after a review of its products and commercialization
strategy  urn:newsml:reuters.com:*:nL4N2Y00DT
    ** This comes after co disclosed a probe by the U.S.
Securities and Exchange Commission and withdrew all its
previously issued business outlook in March  urn:newsml:reuters.com:*:nL3N2VH30A
    ** As of last close, stock down ~93% this year
    ** Meanwhile, futures tracking the tech-heavy Nasdaq tumbled
nearly 3% on Monday as a widely watched part of the Treasury
yield curve inverted on growing fears that aggressive interest
rate hikes by the U.S. Federal Reserve will tip the economy into
recession  .N 

    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))