Electric Last Mile Solutions (ELMS) to File for Bankruptcy

ELMS produced the Urban Delivery electric van, one of the first light-duty, fully electric vehicle meant for contractors, delivery workers, and more. On June 12, ELMS announced its plans to file for Chapter 7 bankruptcy.

Jordan Wiklund・Former Senior Editor

June 14, 2022

Electric Last Mile Solutions (ELMS) to File for Bankruptcy — As another major electric vehicle startup folds, the question about how many startups can make it through these times remains unanswered. ELMS will file for Chapter 7 bankruptcy.
Photo: ELMS

1 min to read

After assessing its products and commercialization plans against a global supply chain shortage of parts, labor, and more, Electric Last Mile Solutions (ELMS) announced it plans to file for Chapter 7 bankruptcy.

The announcement comes shortly after ELMS disclosed a probe from the U.S. Securities and Exchange Commission and withdrew its most recent business outlook, which was issued in March. The SEC was investigating matters brought up in prior filings, including complying with NASDAQ's listing rules and ongoing disagreements with an accounting firm.

Both CEO Jim Taylor and Chairman/Founder Jason Luo resigned in February, signaling a grim road ahead in lieu of an investigation into their respective share purchases.

ELMS issued a brief statement, saying, "The compound effect of these events — along with a pending SEC investigation initiated this year — made it extremely challenging to secure a new auditor and attract additional funding."

ELMS recently laid off about 24% of its staff after going public in June 2021 through a merger with blank-check firm Forum Merger III Corp.

Check out this video to learn how to evaluate an independent EV maker.

Topics:Bankruptcy Electric Last Mile Solutions Fleet electrification Green Fleet

More Green Fleet

Turning Connected Vehicle Data Into Decisions That Matter

Fleet leaders have more data than ever, but turning that data into clear, actionable decisions remains a challenge. This white paper shows how leading organizations are using connected vehicle data to improve safety, reduce costs, and optimize fleet performance. Learn how to turn insight into action across your fleet.

Are You Tracking Your Fleet's True Total Cost of Ownership?

Bobit Business Media surveyed 190 fleet professionals and found that while most fleets are tracking costs, fragmented systems and data gaps are keeping true TCO visibility out of reach. With rising pressure to control spend in an increasingly volatile environment, the gap between what fleets think they know and what the data actually shows is wider than you might expect. See how your peers are managing costs today and where the industry still has room to improve.

Hybrids: Electrification Without the Challenges

For fleet managers, fuel is one of the biggest line items in the budget — and it's one hybrids can shrink without changing how your people work. Download the eBook to see the numbers, understand the technology, and get a step-by-step guide to making the switch.