EV maker Electric Last Mile Solutions to lay off about 24% of employees

• US commercial electric vehicle maker Electric Last Mile Solutions (NASDAQ:ELMS) will lay off about 24% of its staff as it looks to focus on its core business and become leaner, the company disclosed in a regulatory filing on Friday.
• The plan to terminate 50 employees was approved on Feb. 21, according to the regulatory filing.

• The company, which is struggling with production due to supply chain hurdles, said on Feb. 1 that its top two executives, Chief Executive James Taylor and Chairman Jason Luo, had resigned following a special committee investigation into certain sales of equity securities made individuals associated with the EV startup.

• The company had also said it would restate financial statements as of Dec. 31, 2020 and the nine months ended Sept. 30, 2021.

Comments

[pat45]

hope the CEO ect will take pay cuts

[dub_ran]

Company had a good chance to get a lead in the small van electric market. Instead tried to make a quick buck by deceiving investors. Beyond shameful, criminal.

[dub_ran]

Was misrepresented to investors.

[Lord TGO Investment]

Hmm, not sure what to think about this company.

[LRNMO25]

Not unexpected given company, economic, and world circumstances.

[Marcipanzerfaust]

This doesn't look good, more pain to come.