Electric vehicle-startup Electric Last Mile Solutions Inc. filed chapter 7 bankruptcy Tuesday.
The Troy, Mich.-based vehicle maker listed assets and liabilities each of between $50 million and $100 million on a bankruptcy petition filed in the U.S. Bankruptcy Court in Wilmington, Del.
ELMS and a corporate affiliate filed chapter 7 a day after announcing its intentions to liquidate in bankruptcy. The once-promising startup wound-up in bankruptcy after earlier this year disclosing it was the subject of a U.S. Securities and Exchange Commission investigation.
ELMS is represented in bankruptcy by the law firm Young Conaway Stargatt & Taylor LLP. Judge Mary Walrath has been assigned to the case.
Source: https://www.marketwatch.com/story/ev-startup-electric-last-mile-solutions-files-for-bankruptcy-271655244311?siteid=yhoof2&yptr=yahoo