Announcement • Jun 16
Electric Last Mile Solutions, Inc. Filed for Bankruptcy Electric Last Mile Solutions, Inc., along with its affiliate, filed a voluntary petition for liquidation under Chapter 7 in the US Bankruptcy Court for the District of Delaware on June 14, 2022. The debtor listed both its assets and liabilities in the range of less than $0.05 million. The debtor is represented by Kara Hammond Coyle of Young Conaway Stargatt & Taylor, LLP as its legal counsel. David W. Carickhoff of Archer & Greiner, P.C has been appointed as the case trustee. Announcement • Jun 14
Electric Last Mile Solutions Receives a Letter from the Listing Qualifications Department of the Nasdaq Stock Market On June 10, 2022, Electric Last Mile Solutions, Inc. (the “Company”) received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the bid price of the Company’s common stock, par value $0.0001 per share (the “common stock”), closed below $1.00 per share for 30 consecutive business days and, as a result, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2), which sets forth the minimum bid price requirement for continued listing on the Nasdaq Global Select Market (the “Minimum Bid Requirement”). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company is eligible for a 180-calendar day grace period, through December 7, 2022, to regain compliance with the bid price requirement. Compliance can be achieved by evidencing a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days (but generally not more than 20 consecutive business days) during the 180-calendar day grace period. Announcement • May 26
Electric Last Mile Solutions Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q Electric Last Mile Solutions, Inc. announced that it has received a notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2022 (the "Form 10-Q") or its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "Form 10-K"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the "SEC"). The notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Global Select Market. The Company previously discussed the circumstances behind the late filing of the Form 10-Q in a Notification of Late Filing on Form 12b-25, filed with the SEC on May 18, 2022 (the Notification"). In addition, the Company's delay in filing the Form 10-K was disclosed in a Notification of Late Filing on Form 12b-25 filed on April 1, 2022 and discussed in a Current Report on Form 8-K filed on April 11, 2022 (the "April Current Report"). As described in the April Current Report, the Company must submit a plan to Nasdaq no later than May 31, 2022, addressing how it intends to regain compliance with Nasdaq's listing rules. The Company's management is working diligently to complete the Form 10-Q, as well as the Form 10-K, and intends to file as soon as practicable. However, the Company does not expect to file the Form 10-Q within the timeframe specified by Rule 12b-25 for the reasons discussed in the 10-Q Notification. Announcement • May 19
Electric Last Mile Solutions, Inc. announced delayed 10-Q filing On 05/18/2022, Electric Last Mile Solutions, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Apr 13
Electric Last Mile Solutions Announces Receipt of Notice from Nasdaq Regarding Late Filing of Annual Report on Form 10-K Electric Last Mile Solutions, Inc. announced on April 11, 2022 that it has received a notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "Form 10-K"), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the "SEC"). The notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Global Select Market. Nasdaq indicated that the Company must submit a plan within 60 calendar days from April 1, 2022, or no later than May 31, 2022, addressing how it intends to regain compliance with Nasdaq's listing rules. If Nasdaq accepts the Company's plan, it may grant the Company an extension of up to 180 calendar days from the Form 10-K original filing due date, or until September 27, 2022, to regain compliance. The Company previously discussed the circumstances behind the late filing of the Form 10-K in the Notification of Late Filing on Form 12b-25 (the "Notification"), filed with the SEC on April 1, 2022. The Company's management is working diligently to complete the Form 10-K and intends to file the Form 10-K as soon as practicable, but does not expect to do so within the timeframe specified by Rule 12b-25 for the reasons discussed in the Notification. Announcement • Apr 12
Electric Last Mile Solutions Receives Non-Compliance Notice from Nasdaq On April 1, 2022, Electric Last Mile Solutions, Inc. (the "Company") filed a Notification of Late Filing on Form 12b-25 (the "Notification"), indicating that the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "Form 10-K") would be delayed. On April 5, 2022, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, as a result of the Company's delay in filing the Form 10-K, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Global Select Market. Nasdaq indicated that the Company must submit a plan (the "Plan") within 60 calendar days of April 1, 2022, or no later than May 31, 2022, addressing how it intends to regain compliance with Nasdaq's listing rules. If Nasdaq accepts the Plan, it may grant the Company an extension of up to 180 calendar days from the Form 10-K original filing due date, or until September 27, 2022, to regain compliance. The Company's management is working diligently to complete the Form 10-K and intends to file the Form 10-K as soon as practicable, but does not expect to do so within the timeframe specified by Rule 12b-25 for the reasons discussed in the Notification. Announcement • Apr 06
Labaton Sucharow LLP Announces Expanded Securities Class Action Lawsuit Filed against Electric Last Mile Solutions, Inc Labaton Sucharow LLP announced that on April 4, 2022, it filed a securities class action lawsuit on behalf of its client Pierre Fontaine against Electric Last Mile Solutions, Inc. and its predecessor company Forum Merger III Corp., and certain of its executives (collectively, “Defendants”). The action, captioned Fontaine v. Electric Last Mile Solutions, Inc.,No. 22-cv-1902 (D.N.J.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission (“SEC”) Rule 10b-5 promulgated thereunder, on behalf of all persons or entities that purchased or otherwise acquired ELMS and/or FIIU securities between November 12, 2020 and February 1, 2022, inclusive (the “Class Period”). The Complaint expands the class period asserted in the action against ELMS captioned Hacker v. Electric Last Mile Solutions, Inc. et al., No. 2:22-cv-00545 (D.N.J.) (“Hacker Action”). Pursuant to the notice published on February 3, 2022 in connection with the filing of the Hacker Action, as required by the Private Securities Litigation Reform Act of 1995, investors wishing to serve as Lead Plaintiff in the securities actions pending against ELMS are required to file a motion for appointment as Lead Plaintiff, no later than 60 days from the February 3, 2022 notice (or no later than April 4, 2022). According to the lawsuit, Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) ELMS’s previously issued financial statements were false and unreliable; (2) ELMS’s earlier reported financial statements would need restatement; (3) certain ELMS executives and/or directors purchased equity in the Company at substantial discounts to market value without obtaining an independent valuation; (4) on November 25, 2021 (Thanksgiving), the Company’s Board formed an independent Special Committee to conduct an inquiry into certain sales of equity securities made by and to individuals associated with the Company; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. Announcement • Apr 03
Electric Last Mile Solutions, Inc. announced delayed annual 10-K filing On 04/01/2022, Electric Last Mile Solutions, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Feb 04
Rosen Law Firm Files Securities Class Action Lawsuit Against Electric Last Mile Solutions, Inc. F/K/A Forum Merger III Corp Rosen Law Firm, announced it has filed a class action lawsuit on behalf of purchasers of the securities of Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. between March 31, 2021 and February 1, 2022, inclusive. The lawsuit seeks to recover damages for ELMS investors under the federal securities laws. According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: ELMS’s previously issued financial statements were false and unreliable; ELMS’s earlier reported financial statements would need restatement; certain ELMS executives and/or directors purchased equity in the Company at substantial discounts to market value without obtaining an independent valuation; on November 25, 2021, the Company’s Board formed an independent Special Committee to conduct an inquiry into certain sales of equity securities made by and to individuals associated with the Company; and as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. A class action lawsuit has already been filed. If wish to serve as lead plaintiff, then must move the Court no later than April 4, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Buying Opportunity • Jan 28
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 47%. The fair value is estimated to be US$6.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Jan 06
Electric Last Mile Solutions, Inc. Announces Product and Tech on Display At CES Electric Last Mile Solutions, Inc. announced it is hosting an exhibit at the Consumer Electronics Show (CES) to be held on January 5-7, 2022. ELMS is displaying both of its ELMS all-electric commercial vehicles – the Class 1 Urban Delivery and Class 3 Urban Utility – at CES. Additionally, ELMS Chief Digital Officer Jonathan Ballon, will present the Company’s digital strategy at CES. The ELMS Urban Delivery is expected to be the first and only Class 1 commercial electric vehicle available in the United States. The Urban Delivery boasts 20% more cargo space (157 cubic feet) than the current leading Class 1 ICE model and targets a best-in-class payload of 2,100 pounds. The newest model of the Urban Delivery that will be on display at CES has an impressive suite of safety systems including a patent pending energy absorbing front bumper system, a full suite of driver side airbags, and advanced seat belt pre-tensioners. This new model of Urban Delivery is expected to join the Urban Delivery campus model for sale to customers later this month. The ELMS Urban Utility is slated for production in the second half of 2022, and it is targeting more than 5,700 pounds of max payload and 125 miles of range. The Urban Delivery’s cab-over chassis design can be configured to cover a wide variety of customer use cases including delivery, construction, landscaping, towing and refrigeration. Announcement • Sep 08
Electric Last Mile Solutions, Inc. Announces Successful Completion of Next Critical Milestone for Start of Production Electric Last Mile Solutions, Inc. announced that it successfully completed structural confirmation impact testing for its Urban Delivery commercial class 1 vehicle. With this phase complete, the body design has been frozen. Testing took place at the NHTSA validated Calspan facility in Buffalo, NY. ELMS plans to launch introduction models of the Urban Delivery electric vehicle in the U.S. market beginning late in the third quarter. Production will occur at the Company’s plant in Mishawaka, Indiana. Breakeven Date Change • Jul 28
Forecast to breakeven in 2023 The 3 analysts covering Electric Last Mile Solutions expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$99.7m in 2023. Average annual earnings growth of 64% is required to achieve expected profit on schedule. Announcement • Jul 23
Electric Last Mile Solutions, Inc. Files Patent Application for Class 1 Commercial Ev Frontal Impact-Absorption Design, Preliminary Vehicle Crash Testing Yields Positive Results Electric Last Mile Solutions, Inc. announced that it has filed a provisional patent with the United States Patent and Trademark Office (“USPTO”) related to the development of its EV crash protection system to improve vehicle and occupant safety and battery stability in the event of a collision. The design encompassed in ELMS’ provisional patent application allows for the hollow channel bumper, crash boxes, tubular supports and ring assembly to crumple in stages upon frontal impact to absorb and redirect the energy to protect the occupant as well as the high voltage battery. ELMS expects to hold its next round of crash tests in August and intends to utilize the energy-absorbing front body vehicle assembly design in the Urban Delivery, which the Company intends to launch later this year. The ELMS’ Urban Delivery is expected to be the first Class 1 commercial electric vehicle available in the U.S. market and will be produced at the Company’s 675,000 square foot plant in Mishawaka, Indiana.