Electric Last Mile Solutions (ELMS), a commercial electric vehicle (EV) company, has announced that it plans to file for Chapter 7 bankruptcy, less than a year after it went public through a merger with a special purpose acquisition company (SPAC).
The company’s CEO Jim Taylor and executive chairman Jason Luo resigned in February 2022 following an investigation into their share purchases. Board member Shauna McIntyre was appointed as interim CEO and president. The ELMS board and a new team under McIntyre conducted a thorough review of the company’s products and commercialization plans, a June 12 press release said.
The review involved assessing production plans, certification processes, planned product offerings, and the feasibility of meeting previously announced targets….