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EV Startup Electric Last Mile Solutions to File for Chapter 7 Bankruptcy
Electric Last Mile Solutions said it plans to file for Chapter 7 bankruptcy after a review of it products and commercialization plans found liquidation was the “only responsible next step for our shareholders, partners, creditors, and employees.” Coming into Monday, shares of Electric Last Mile Solutions (ticker: ELMS) have fallen nearly 93% this year. According to Bloomberg, the filing will make Electric Last Mile Solutions the first of the electric-vehicle startups that merged with special purpose acquisition companies to go out of business during this year’s steep market selloff.
