Mullen to bid for bankrupt Electric Last Mile Solutions

Mullen Automotive is the leading bidder on bankrupt commercial EV maker Electric Last Mile Solutions, its second major deal this month as it strives to deliver its own electric vehicle.
The California-based automaker placed a stalking horse bid of nearly $92 million to buy ELMS, which had been developing a commercial EV called the Urban Delivery before running out of cash amid an SEC investigation into charges of insider trading.
Mullen will pay $55 million for the company’s assets including inventory, intellectual property rights and its plant in Mishawaka, Indiana, and assume $37 million in

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