Electric Last Mile tumbles on SEC probe, withdrawal of outlook

Electric Last Mile Solutions

14/03/2022 13:42

** Electric vehicle maker Electric Last Mile Solutions'
shares  ELMS.O  down 31.6% at $1.30
    ** Brokerage Cowen cuts PT to $1.50 from $6
    ** ELMS says in a regulatory filing https://www.sec.gov/Archives/edgar/data/0001784168/000121390022011900/ea156743-8k_electric.htm
 that it withdrew all previously issued business outlook and
related forward-looking statements
    ** Says Securities and Exchange Commission is conducting an
investigation into matters discussed in previous filings
    ** Says it expects to commence production of certified urban
delivery vehicles no earlier than the end of 2022 and into the
first quarter of 2023
    ** Co earlier in March said it will lay off about 24% of its
staff  urn:newsml:reuters.com:*:nL3N2V7498
    ** Up to last close, stock had fallen ~73% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com;))