Short-seller Fuzzy Panda Research said in a report at that time of the resignations that "unfortunately for new management and ELMS investors, based on our extensive research into ELMS we think this is just the tip of the iceberg." Fuzzy Panda charged that "import Records show ELMS is importing fully assembled Chinese vehicles and trying to pass them off as 'Made in the USA.'" "We’ve spoken with multiple of ELMS customers who 'piloted' the ELMS Urban Delivery Vehicle for FREE," the short-seller said. When she was brought on board at ELMS, Brian Krzanich, board chairman and former Intel ( INTC ) - Get Intel Corporation Report CEO said "the board is confident Shauna will ensure a smooth transition, effectively manage the business, and help chart a path forward." Not everybody was so confident. Taylor purchased equity in these transactions, the company said, and Luo "participated in these and other transactions and directly or indirectly purchased and sold equity in such transactions." 'Charting a Clear Path' The investigation found that, prior to the SPAC merger, "certain executives" purchased equity in the company at substantial discounts to market value without obtaining an independent valuation. The resignations followed an investigation by the company's board that found the company’s past financial statements were unreliable and would have to be restated. Report, was named to the top position in February, after Taylor, and Jason Luo, the company's founder and former executive chairman, resigned. McIntyre, a board member and former president of digital lidar sensor maker Ouster Automotive ( OUST ) - Get Ouster Inc. "Unfortunately," she added, "there were too many obstacles for us to overcome in the short amount of time available to us." One Less Competitor "I'm very disappointed by this outcome because our ELMS team demonstrated incredible determination to get our electric vans ready to meet the critical need for clean, connected vehicles that reduce carbon emissions from ground transportation," Shauna McIntyre, interim CEO and president, said in a statement. But the promised rewards that Taylor spoke about never materialized and on June 12 the company said it planned to file for Chapter 7 bankruptcy. 29 said it would host an exhibit at the Consumer Electronics Show to display both of of its all-electric commercial vehicles: the Class 1 Urban Delivery and Class 3 Urban Utility. The company, which described itself as "a pioneer of electric and intelligent mobility solutions for commercial vehicle customers," said on Dec 1 that it had "a firm purchase order" from the Los Angeles-based company Zeeba vans for 50 ELMS Urban Delivery vans with the intent to purchase hundreds more in 2022. "This industry promises rewards to first movers who can deliver value-driven solutions.”ĮLMS did go public in late June 2021 and the Troy, Mich., company's management team rang the opening bell at the Nasdaq on July 12 of that year. “The demand for cost effective solutions to support the e-commerce ecosystem is overwhelming," James Taylor, the commercial electric vehicle maker's then-CEO, said at the time. 11 2020, announced it was going to list on the Nasdaq through a merger with a special purpose acquisition company. And backed for life against bending or breaking, you'll never have to worry about outworking the Workhorse.Electric Last Mile Solutions says it will file for bankruptcy, saying 'there were too many obstacles for us to overcome.' Author:Įlectric Last Mile Solutions ( ELMS ) on Dec. Designed to be the last multi-purpose bar you'll ever need, the Workhorse bar is BUILT with a 25mm shaft and double bronze bushings so you'll get the whip and smooth spin you need along with the durability to withstand thousands of heavy-weight impacts. Whether you're olympic weightlifting, powerlifting, doing CrossFit, or a combination of them all, this barbell will show up every single time ready to work.
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