Electric Last Mile Solutions initiates bankruptcy proceedings

Electric Last Mile Solutions

14/06/2022 22:55

June 14 (Reuters) - Electric Last Mile Solutions  ELMS.O 
said in a filing https://www.sec.gov/ix?doc=/Archives/edgar/data/1784168/000121390022032839/ea161577-f8k_electrilast.htm
 on Tuesday the U.S. commercial electric vehicle startup had
commenced bankruptcy proceedings and blamed a lack of funding
for the decision.
    The company said on Sunday investigations by the U.S.
Securities and Exchange Commission and an internal committee
into the share purchases of former CEO Jim Taylor and Chairman
Jason Luo leading to their resignation made it "extremely
challenging" to secure funding.
    The Troy, Michigan-based company, which ceased all
operations on Tuesday, said it received a notice from Nasdaq on
Monday regarding the delisting of its shares and expects trading
of its stock to be suspended on June 23.
    The company went public last year June through a merger with
blank-check firm Forum Merger III Corp.
    Electric Last Mile said earlier this week it was planning to
file for Chapter 7 bankruptcy after a review of its products and
commercialization plants.  urn:newsml:reuters.com:*:nL4N2Y00DT

 (Reporting by Akash Sriram in Bengaluru; Editing by Shinjini
Ganguli)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))