Electric Last Mile Solutions plunges as co to file for bankruptcy

Electric Last Mile Solutions

13/06/2022 18:33

(Updates)
    ** Shares of U.S. commercial electric vehicle maker Electric
Last Mile Solutions Inc  ELMS.O  down 64.7% at $0.18 in
afternoon trading; set for their worst day ever
    ** 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
    ** Stock down ~97% YTD
    ** Meanwhile, Wall Street's main stock indexes fell sharply
and the S&P 500 was on track to confirm a bear market on Monday
on fears that the Federal Reserve's aggressive interest rate
hikes would tip the economy into recession  .N 

    

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