Electric Last Mile Solutions to file for bankruptcy

Commercial EV maker Electric Last Mile Solutions said Monday that it will file for bankruptcy, the first among a spate of troubled EV manufacturer SPACs to go out of business.
Electric Last Mile Solutions, which went public in June 2021 through a $1.4 billion merger with Forum Merger III, plans to liquidate through a Chapter 7 bankruptcy process, according to a filing with the U.S. Securities and Exchange Commission. The company, which had been developing a commercial electric vehicle called the Urban Delivery, has been under investigation by the SEC since March.
“Unfortunately, there were too

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