EV maker ELMS to lay off about 24% of employees

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(Reuters) – U.S. business electrical automobile maker Electric Last Mile Solutions Inc (ELMS) will lay off about 24% of its workers because it seems to give attention to its core enterprise and change into leaner, the corporate disclosed in a regulatory submitting on Friday.

The plan to terminate 50 employees was accepted on Feb. 21, in accordance to the regulatory submitting https://www.sec.gov/ix?doc=/Archives/edgar/information/1784168/000121390022010757/ea156449-8k_electric.htm.

The firm, which is scuffling with manufacturing due to provide chain hurdles, stated on Feb. 1 that its prime two executives, Chief Executive James Taylor and Chairman Jason Luo, had resigned following an investigation into their share purchases.

The firm had additionally stated it might restate monetary statements as of Dec. 31, 2020 and the 9 months ended Sept. 30, 2021.

Since the resignation of the executives, the Troy, Michigan-based firm’s inventory has tumbled about 68%.

(Reporting by Chavi Mehta in Bengaluru; Editing by Maju Samuel)



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