It has begun
EV truck-maker Electric Last Mile Solutions is kicking the bucket.
Just one year after going public at a $1.4B valuation, the company said this week it would file for bankruptcy.
To nobody’s surprise, it went public via SPAC.
This will make ELMS the first of the electric vehicle startups that went public in the SPAC wave to go kaput.
It may not be alone for long.
A slew of EV startups like ELMS have gone public via SPAC to much hype — though few have produced any vehicles for sale.
They did have snazzy projections though.
Some, like Lordstown Motors and Canoo, have warned they may soon run out of cash.
Get up to speed on the outlook for SPACs & how they work in this explainer.