EV maker Electric Last Mile Solutions plans to file for bankruptcy
Posted: Tue Jun 14, 2022 1:18 am
https://www.cnn.com/2022/06/13/tech/ev- ... index.html
USA commercial electric vehicle maker Electric Last Mile Solutions Inc (ELMS) said on Sunday it is planning to file for Chapter 7 bankruptcy, after a review of its products and commercialization plans.
The move comes after the Troy, Michigan-based company disclosed a probe by the USA Securities and Exchange Commission and withdrew all its previously issued business outlook in March.
ELMS had said the SEC was investigating matters discussed in prior filings including disagreements with an accounting firm and compliance with the Nasdaq's listing rules.
In February, the then Chief Executive Officer Jim Taylor and Chairman and founder Jason Luo resigned, following an investigation into their share purchases.
USA commercial electric vehicle maker Electric Last Mile Solutions Inc (ELMS) said on Sunday it is planning to file for Chapter 7 bankruptcy, after a review of its products and commercialization plans.
The move comes after the Troy, Michigan-based company disclosed a probe by the USA Securities and Exchange Commission and withdrew all its previously issued business outlook in March.
ELMS had said the SEC was investigating matters discussed in prior filings including disagreements with an accounting firm and compliance with the Nasdaq's listing rules.
In February, the then Chief Executive Officer Jim Taylor and Chairman and founder Jason Luo resigned, following an investigation into their share purchases.