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Electric Last Mile Solutions (NASDAQ: ELMS) announced plans to file for Chapter 7 bankruptcy on June 12, 2022, after facing leadership changes and significant financial difficulties. Following the resignations of former CEO Jim Taylor and founder Jason Luo, interim CEO Shauna McIntyre led a comprehensive review of the company's operations. Despite efforts to secure new funding and improve liquidity, the company declared past financial statements unreliable. The Board's decision aimed to protect shareholders, stakeholders, and creditors, highlighting the company's struggles in achieving vehicle certification and addressing legacy issues.
Electric Last Mile Solutions (Nasdaq: ELMS) announced it received a notification from Nasdaq for not filing its Quarterly Report on Form 10-Q for Q1 2022 and the Annual Report on Form 10-K for FY 2021. This notice indicates non-compliance with Nasdaq Listing Rule 5250(c)(1). The company has until May 31, 2022, to submit a plan to regain compliance. Despite the notice, there is no immediate impact on the trading of ELMS stock. Management is working to complete the filings as soon as possible but has indicated that the Form 10-Q will not be filed within the specified timeframe.
Electric Last Mile Solutions, Inc. (Nasdaq: ELMS) has received a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The company must submit a compliance plan by May 31, 2022, which, if accepted, may grant a 180-day extension to regain compliance. The company is currently working on completing the Form 10-K but acknowledges that it will not meet the specified timeline.
Electric Last Mile Solutions (Nasdaq: ELMS; ELMSW) appointed Shauna McIntyre as Interim CEO following the resignations of James Taylor and Jason Luo. The change comes after a Board investigation into executive stock transactions. McIntyre brings over 25 years of automotive experience, previously leading teams at Ouster Automotive and Google. The company advised stakeholders of the need to restate previous financials, affecting records from its inception through September 2021. ELMS reported $132.0 to $142.0 million in cash equivalents as of December 31, 2021.
Electric Last Mile Solutions (Nasdaq: ELMS; ELMSW) is showcasing its all-electric commercial vehicles at CES 2022. The highlight is the new Urban Delivery model, which offers 20% more cargo space and a best-in-class payload capacity of 2,100 pounds. ELMS is also promoting the Urban Utility vehicle, set for production in the second half of 2022, targeting a payload of over 5,700 pounds. CEO James Taylor remarked that this event is vital for demonstrating their commitment to electrifying fleets and fulfilling ESG goals.
Electric Last Mile Solutions (Nasdaq: ELMS; ELMSW) is set to exhibit at CES, showcasing its all-electric Urban Delivery and Urban Utility commercial vehicles. The Urban Delivery is the first Class 1 EV in the U.S. with 20% more cargo space and a payload capacity of 2,100 pounds. The Urban Utility is anticipated to start production in H2 2022, targeting a payload over 5,700 pounds and a range of 125 miles. CEO James Taylor and the executive team will be present to discuss technology and capabilities.
Electric Last Mile Solutions (NASDAQ: ELMS; ELMSW) announced an order from Glovis America for its Urban Delivery vehicle. Glovis plans to utilize these electric commercial vehicles for operational efficiency at its ports and facilities, supporting material movement and personnel transport. The Urban Utility, a Class 3 electric vehicle, will also be evaluated for various configurations. ELMS aims to enhance logistics and freight operations for Glovis, reinforcing its commitment to zero-emission industrial solutions within key sectors.
Nauto, a leader in AI-based vehicle safety technology, has partnered with Electric Last Mile Solutions (Nasdaq: ELMS) to enhance safety features in ELMS commercial electric vehicles. This collaboration will integrate Nauto’s predictive-AI fleet safety platform into ELMS’s new vehicles, promoting collision avoidance and operational efficiency. The technology has been proven to reduce risky driving behaviors and improve driver performance with high accuracy. This partnership aims to advance safety for drivers and vulnerable road users while optimizing costs, including insurance premiums.
Electric Last Mile Solutions (ELMS) has secured a purchase order from Zeeba Vans for 50 all-electric Urban Delivery vans, with plans for larger orders in 2022. Zeeba aims to add 2,500 electric vans by end of 2023 as part of its growth strategy. This partnership highlights the transition towards all-electric fleets in the growing commercial van rental market. Zeeba experienced over 100% business growth in 2021, projecting a threefold increase in 2022, with ELMS playing a key role in this expansion.
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