Electric Last Mile Succumbs to EV Turmoil With Liquidation Plan

Electric Last Mile Solutions Inc. plans to liquidate its operations about a year after the electric-vehicle startup went public and just four months after both its chief executive officer and chairman resigned.

The Troy, Michigan-based company said in a statement late Sunday that its board and interim CEO, Shauna McIntyre, decided to liquidate through a Chapter 7 bankruptcy process. The decision comes after a review of Electric Last Mile’s products and plans turned up no better option for stockholders, creditors and other interested parties, it said.

Electric Last Mile’s stock plunged 56% to 22 cents a share at 9:49 ...