Electric Last Mile Solutions initiates bankruptcy proceedings
ELMS stock will be suspended for trading on June 23 and later be delisted from Nasdaq
• ELMS stock will be suspended for trading on June 23 and later be delisted from Nasdaq
Electric Last Mile Solutions (NASDAQ: ELMS) on Tuesday said the commercial electric vehicle startup had started bankruptcy proceedings and filed a notice for delisting the company from the Nasdaq.
The EV startup ceased all operations on Tuesday and blamed a lack of funding for the decision.
In a filing with the Securities and Exchange Commission (SEC), Electric Last Mile mentioned that it received a notice from Nasdaq on Monday regarding the delisting of its shares and anticipates trading of its stock to be suspended on June 23 and subsequently be delisted from the exchange.
Last Sunday, ELMS said it was planning to file for Chapter 7 bankruptcy after reviewing its products and commercialization plans.
EV maker said the departure of the executives, and a related investigation by SEC, had made it “extremely challenging” to secure additional funding.
The company went public in late June last year through a merger with blank-check firm Forum Merger III Corp amid a wave of SPAC deals that listed several EV startups and became the first of those post-SPAC EV makers to declare bankruptcy.
Picture Credit: InsideEVs
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