{"id":48614,"date":"2022-06-13T12:50:52","date_gmt":"2022-06-13T12:50:52","guid":{"rendered":"https:\/\/harchi90.com\/ev-start-up-electric-last-mile-solutions-to-declare-bankruptcy\/"},"modified":"2022-06-13T12:50:52","modified_gmt":"2022-06-13T12:50:52","slug":"ev-start-up-electric-last-mile-solutions-to-declare-bankruptcy","status":"publish","type":"post","link":"https:\/\/harchi90.com\/ev-start-up-electric-last-mile-solutions-to-declare-bankruptcy\/","title":{"rendered":"EV start-up Electric Last Mile Solutions to declare bankruptcy"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-106903351\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>The ELMS Urban Delivery, anticipated to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the US market and will be produced at the Company&#8217;s facility in Mishawaka, Indiana.<\/p>\n<p>Electric Last Mile Solutions<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>EV start-up Electric Last Mile Solutions said late Sunday it plans to file for bankruptcy less than a year after it went public via a merger with a special purpose acquisition company.<\/p>\n<p>The Michigan-based maker of electric commercial vans said in a release that interim CEO Shauna McIntyre and its board of directors decided on Sunday to file for Chapter 7 bankruptcy protection, which will allow it to liquidate its assets, after a &#8220;comprehensive review of the company&#8217;s products and commercialization plans &#8220;turned up no better option for stakeholders.<\/p>\n<p>ELMS&#8217;s public offering, in late June 2021, came amid a wave of SPAC deals that took EV makers public.  The company is the first of those post-SPAC EV makers to say that it will declare bankruptcy.<\/p>\n<p>McIntyre has served as interim CEO since February, when founder Jason Luo and then-CEO Jim Taylor left the struggling start-up after an internal investigation found that the company&#8217;s past financial statements were unreliable.<\/p>\n<p>ELMS said in a statement that those executive departures, and a related investigation by the Securities and Exchange Commission, had made it &#8220;extremely challenging&#8221; to secure additional funding.  <\/p>\n<\/div>\n<\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ELMS Urban Delivery, anticipated to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the US market and will be produced at the Company&#8217;s facility in Mishawaka, Indiana. Electric Last Mile Solutions EV start-up Electric Last Mile Solutions said late Sunday it plans to file for &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/ev-start-up-electric-last-mile-solutions-to-declare-bankruptcy\/\"> <span class=\"screen-reader-text\">EV start-up Electric Last Mile Solutions to declare bankruptcy<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[1327,116,118,1481,8923,20913,130,299],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/image.cnbcfm.com\/api\/v1\/image\/106903351-1624887140914-IMG_5346_HR.jpg?v=1624887504&w=1920&h=1080","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/48614"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=48614"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/48614\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=48614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=48614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=48614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}