The ELMS City Supply, anticipated to launch later this yr, is anticipated to be the primary Class 1 business electrical automobile out there within the U.S. market and shall be produced on the Firm’s facility in Mishawaka, Indiana.
Electrical Final Mile Options
The Michigan-based maker of electrical business vans stated in a launch that interim CEO Shauna McIntyre and its board of administrators selected Sunday to file for Chapter 7 chapter safety, which is able to enable it to liquidate its property, after a “complete assessment of the corporate’s merchandise and commercialization plans” turned up no higher possibility for stakeholders.
ELMS’s public providing, in late June 2021, got here amid a wave of SPAC offers that took EV makers public. The corporate is the primary of these post-SPAC EV makers to say that it’ll declare chapter.
McIntyre has served as interim CEO since February, when founder Jason Luo and then-CEO Jim Taylor left the struggling start-up after an inner investigation discovered that the corporate’s previous monetary statements had been unreliable.
ELMS stated in an announcement that these government departures, and a related investigation by the Securities and Exchange Commission, had made it “extraordinarily difficult” to safe further funding.