Any gov'mint money funding this? Anyone care?-----EV start-up Electric Last Mile Solutions to declare bankruptcy

EV start-up Electric Last Mile Solutions to declare bankruptcy

• EV start-up Electric Last Mile Solutions plans to declare bankruptcy a year after going public

"...ELMS has been unable to secure financing since its founder and CEO departed in February after an investigation found the company’s financial statements to be unreliable.
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.
...The Michigan-based maker of electric commercial vans...is the first of those post-SPAC EV makers to say that it will declare bankruptcy...

(Definition of SPAC--: SPECIAL PURPOSE ACQUISITION COMPANY

Wall Street's biggest gold rush of recent years, SPACs are listed shell companies that raise funds to acquire a private company and take it public, allowing targets to sidestep the more onerous paperwork and regulatory checks faced by traditional initial public offerings.)