US start-up ELMS heading towards its end
US start-up Electric Last Mile Solutions (ELMS), which specialises in commercial electric utility vehicles, has filed for bankruptcy. The bankruptcy filing comes about a year after the company went public and follows the resignation of its founders James Taylor and Jason Luo and an investigation by the US Securities and Exchange Commission (SEC).
In a communication, interim CEO Shauna McIntyre said that the company decided to liquidate after no better option could be found for its stockholders, creditors, and other interested parties. Its share prices fell by 55 per cent in premarket trading on Monday, to 23 cents a share. Last autumn, Electric Last Mile Solutions had signed a battery supply contract with CATL.
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