Electric Last Mile

About Electric Last Mile

Electric Last Mile Solutions filed for bankruptcy in June 2022. The company had planned to import and sell the Mullen ONE electric delivery van. ELMS went public via SPAC in June 2021 at a 1.4 billion valuation. The company was delisted from NASDAQ within a year. CEO James Taylor resigned. The SEC investigated misleading statements. ELMS produced very few vehicles before filing for bankruptcy. The case was one of the fastest SPAC failures, going from IPO to bankruptcy in approximately one year. The bankruptcy illustrated the lack of due diligence in the SPAC boom of 2020 to 2021. Many SPAC mergers involved companies with minimal revenue and no proven business model.