Electric Last Mile Solutions tumbles after CEO, chairman resign
02/02/2022 14:39
** EV company's shares ELMS.O down 30.2% at $3.9
** ELMS on Tuesday said its top two executives have resigned
after an investigation into their share purchases urn:newsml:reuters.com:*:nL4N2UC3FA
** Co says a special committee probe showed that some execs
including CEO James Taylor and Chairman Jason Luo bought equity
at substantial discounts to market value without obtaining
independent valuation
** ELMS declined a request for comment
** Up to last close, stock fell ~33% since it reported
quarterly results on Nov. 10
(Reporting by Akash Sriram in Bengaluru)
((Akash.Sriram@thomsonreuters.com;))
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