Electric Last Mile Solutions

Electric Last Mile Solutions promised affordable electric delivery vans for the last-mile logistics market. The company merged with Forum Merger III Corp in June 2021, targeting the booming e-commerce delivery sector.

Almost immediately, problems emerged. In February 2022, an internal investigation revealed that CEO James Taylor and CTO Jason Luo had purchased shares at prices significantly below the trust value ahead of the merger — a serious breach of SPAC rules and securities law. Both executives resigned.

With its leadership gone and credibility shattered, ELMS couldn't raise additional capital. The company's electric van was essentially a rebadged Chinese vehicle from Sokon Industry Group, calling into question the company's actual technology and IP.

By June 2022, just 12 months after going public, ELMS filed for Chapter 7 liquidation — not even Chapter 11 reorganization, but straight liquidation. It set the record for the fastest SPAC-to-bankruptcy timeline, a dubious distinction in a field with plenty of competition.