(Reuters) - U.S. commercial electric vehicle maker Electric Last Mile Solutions Inc (ELMS) said on Sunday it is planning to file for Chapter 7 bankrup.
Troy-based Electric Last Mile Solutions Inc. said it plans to liquidate through a Chapter 7 bankruptcy process, a decision that comes almost one year after the electric-vehicle startup went public and just four months after both its CEO and chairman resigned.The company said in a statement late…
The filing will make Electric Last Mile the first of the EV startups that merged with special purpose acquisition companies to go out of business amid the recent market slump.