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Shares of EV start-up Electric Last Mile plunge more than 50% after CEO, chair resign

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The ELMS Urban Delivery, anticipated to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the U.S. market and will be produced at the Company’s facility in Mishawaka, Indiana.

Electric Last Mile Solutions

Shares of Electric Last Mile Solutions plummeted Wednesday by more than 50% after the EV start-up’s chairman and CEO both unexpectedly resigned.

The company late-Tuesday said ELMS CEO James Taylor and Chairman Jason Luo resigned from their positions, effective immediately, after an internal probe of share purchases made by the co-founders before it went public through a special purpose acquisition company in June.

The controversy is the…



Source cnbc.com

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