Electric Last Mile Solutions
EVUSA
New to Unitard
π Dead / Bankrupt
PeakΒ $1.4 BillionToday
~-99%
from peak
- π¦Became a unicorn2021
- πPeak valuation$1.4 Billion β21
- πBecame a UnitardJun 2022
- πΈLast valuationWiped out
π₯ Raised & burned
$300M
Total raised
$439K/day
Burned Β· 1.9y alive
Funding: Nasdaq/Crunchbase
Current status
Bankrupt June 2022
The rise & fall
7 moments Β· 2020β2022The key moments, with employee sentiment along the way.
Aug 2020
Aug 2020
Founded β the clock starts
Auto veterans James Taylor and Jason Luo launch a last-mile delivery EV maker; a stock listing arrives before its first birthday.
Crunchbase
2021
2021
The peak: public at ~$1.4B within a year of founding$1.4B
A SPAC merger takes the infant van maker onto the Nasdaq, with about $300M raised along the way.
Nasdaq
Feb 2022
Feb 2022
The CEO and chairman walk
Both top executives resign after an internal probe into share purchases made ahead of the SPAC deal and never disclosed; the stock craters.
Reuters
2021β22
From the inside Β· Glassdoor reviews, 2021β22
Employees sensed the rot early: months before the end, Glassdoor reviewers were branding the company fraudulent and faulting reckless decision-making at the top β several described leadership looking after itself while much of the workforce was cut, calling the collapse a scam on staff and investors alike.
Jun 2022
Jun 2022
Chapter 7 β joins the Unitard Club π
Skipping reorganization for outright liquidation, ELMS becomes the first EV de-SPAC to go bankrupt β less than two years after it was founded.
Reuters
2022
2022
Mullen buys the remains
The plant and assets sell out of the Chapter 7 estate to Mullen Automotive.
TechCrunch
$1.39Bof peak value erased Β· 2 years
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
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
Where they went
- James Taylorco-founder & CEO (until 2022)CEO/Founder/Owner at JET Group
- Jason Luoco-founder & chairman (resigned Feb 2022)Not on record
Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.
