← Back to the club

Electric Last Mile Solutions

EVUSA
💀 Dead / Bankrupt
Peak $1.4 BillionToday
~-99%
from peak
  1. 🦄
    Became a unicorn
    2021
  2. 📈
    Peak valuation
    $1.4 Billion ’21
  3. 💔
    Became a Unitard
    Jun 2022
  4. 💸
    Last valuation
    ~$0
Current status
Bankrupt June 2022

How it happened

Electric Last Mile Solutions (ELMS) was a commercial EV maker that went public via SPAC in 2021 at roughly a $1.4B valuation. Following the resignation of top executives over an undisclosed share purchase and a going-concern warning, it filed for Chapter 7 bankruptcy in June 2022, becoming the first EV de-SPAC to go bankrupt and losing nearly all of its value.

Source: First EV de-SPAC bankruptcy