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ELMS Tumbles on Plan to Restate Finl Results; CEO to Depart (1)

Feb. 1, 2022, 10:39 PM

(Adds share move in first paragraph)

Electric Last Mile Solutions Inc. tumbles 32% in extended trading after the electric-vehicle maker said it will restate some previously issued financial statements following a Special Committee investigation into “certain sales of equity securities” made by and to individuals associated with the company.

  • Company says James Taylor has resigned as CEO, Jason Luo has resigned as Executive Chairman of its board
  • Financial statements that cover the period as of Dec. 31, 2020, the period from Aug. 20, 2020 through Dec. 31, 2020, the six months ended June 30, and the nine months ended September ...