EV maker ELMS to lay off about 24% of employees

Electric Last Mile Solutions

04/03/2022 23:31

March 4 (Reuters) - U.S. commercial electric vehicle maker
Electric Last Mile Solutions Inc (ELMS)  ELMS.O  will lay off
about 24% of its staff as it looks to focus on its core business
and become leaner, the company disclosed in a regulatory filing
on Friday.
    The plan to terminate 50 employees was approved on Feb. 21,
according to the regulatory filing https://www.sec.gov/ix?doc=/Archives/edgar/data/1784168/000121390022010757/ea156449-8k_electric.htm.
    The company, which is struggling with production due to
supply chain hurdles, said on Feb. 1 that its top two
executives, Chief Executive James Taylor and Chairman Jason Luo,
had resigned following an investigation into their share
purchases.  urn:newsml:reuters.com:*:nL4N2UC3FA
    The company had also said it would restate financial
statements as of Dec. 31, 2020 and the nine months ended Sept.
30, 2021.
    Since the resignation of the executives, the Troy,
Michigan-based company's stock has tumbled about 68%.

 (Reporting by Chavi Mehta in Bengaluru; Editing by Maju Samuel)
 ((Chavi.Mehta@thomsonreuters.com;))