Electric Last Mile Solutions Inc (ELMS), a U.S. commercial electric vehicle manufacturer, announced on Sunday that it intends to file for Chapter 7 bankruptcy following a review of its products and commercialization plans.
Electric vehicle maker ELMS has filed for chapter 11 of the US Securities and Exchange Commission (SEC) for failing to disclose a probe by the regulator.
In February, the then Chief Executive Officer Jim Taylor and Chairman and founder Jason Luo resigned, following an investigation into their share purchases.
The company previously laid off about 24% of its staff as it focussed on its core business.
This report’s information was first seen on Reuters; to read more, click this link.
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