EV-startup Electric Last Mile Solutions files for bankruptcy

Electric vehicle-startup Electric Last Mile Solutions Inc. filed chapter 7 bankruptcy Tuesday.

The Troy, Mich.-based vehicle maker listed assets and liabilities each of between $50 million and $100 million on a bankruptcy petition filed in the U.S. Bankruptcy Court in Wilmington, Del.

ELMS and a corporate affiliate filed chapter 7 a day after announcing its intentions to liquidate in bankruptcy. The once-promising startup wound-up in bankruptcy after earlier this year disclosing it was the subject of a U.S. Securities and Exchange Commission investigation.

ELMS is represented in bankruptcy by the law firm Young Conaway Stargatt & Taylor LLP. Judge Mary Walrath has been assigned to the case.

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