The Michigan-based start-up will move to liquidate less than a year after it went public.
The Michigan-based maker of electric commercial vans said in a release that interim CEO Shauna McIntyre and its board of directors decided on Sunday to file for Chapter 7 bankruptcy protection, which will allow it to liquidate its assets, after a"comprehensive review of the company's products and commercialization plans" turned up no better option for stakeholders.
ELMS's public offering, in late June 2021, came amid a wave of SPAC deals that took EV makers public. The company is the first of those post-SPAC EV makers to say that it will declare bankruptcy.Download NBC 5 Dallas-Fort Worth
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