EV-Truck Startup Electric Last Mile Files Chapter 7 Bankruptcy

Electric Last Mile Solutions Inc. filed for Chapter 7 bankruptcy in Delaware, making it the first of the electric-vehicle startups that merged with special purpose acquisition companies to go out of business amid the recent market slump.

The company filed for court protection on Tuesday, listing assets and liabilities of as much as $100 million each.

Chapter 7 bankruptcies allow companies to develop a plan to liquidate assets and repay creditors. Electric Last Mile went public around a year ago, and opted for bankruptcy after a review turned up no better option for shareholders and creditors, according to a June ...