Shares of Electric Last Mile fell to $ 1 after the company confirmed the SEC investigation

ELMS Urban Delivery, expected to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the US market, and will be manufactured at the company’s facility in Mishawaka, Indiana.

Electric Lost Mile Solutions

Detroit – EV Start-up Stocks Electric Lost Mile Solutions The stock fell less than $ 1 during intraday trading on Monday after the Securities and Exchange Commission confirmed a study of its operations.

Following the unexpected resignation of the two last month, the latest issue was released late Friday to the Michigan-based company Troy. Chairman and CEO of the company. These departures are linked to the ELMS assertion that executives lied during an internal investigation into share purchases before the company went public through a special purpose acquisition company or SPAC.

ELMS said it was aware of the SEC’s hearing on March 7, according to Friday’s regulatory filing. The company said it would withdraw the previous guideline and raise money for its vehicles to market.

Shares of ELMS fell more than 50% to about 90 cents a share during intraday trading on Monday – indicating the lowest price for an SPAC-backed electric vehicle launch.

The company said it had enough money to continue operations between July and September 2022.

ELMS is on the verge of the arrival of new EV start-ups that have come into the public eye through the SPAC deal over the past two years. Following the initial stage in stock prices, most companies Suffered from federal investigations, corruption and administrative upheaval.

Nicola Corp., Lordstown Motors And Clear team Among the companies that disclosed the SEC inquiries. Nicola agreed at the end of last year Pay SEC $ 125 million Resolve allegations of misleading investors by misleading about its products, technical capabilities and business opportunities.

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When ELMS went public in June last year, it made headlines when it was previously ready to produce electric commercial vans. General Motors The plant in Indiana last produced gas-Gusling Hummer SUVs in the mid-2000s.

According to the information filed, the company is fully cooperating with the SEC investigation. The ELMS stated that “the final purpose, duration or conclusion of the investigation cannot be predicted.”

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