Under $1 Penny Stock To Consider: Electric Last Mile (ELMS)

Two days ago a wonderful commercial electric vehicle (EV) manufacturing company Electric Last Mile Solutions (Nasdaq: ELMS) got under investigation by the U.S SEC (security exchanges commission) for improper share purchases before it was going public. The ELMS shares got hit 51% today at the time of writing. Following events occurred before and after Electric Last Mile Solutions became a public EV company:Home | Electric Last Mile Solutions

  • The company bought a former Hummer factory
  • Highlighted plans to sell delivery vehicles
  • It is derived from Chinese Chongqing Sokon Industry Group Co
  • It went public via a SPAC deal in December 2020 at a value of $1.4 billion
  • Last month its former CEO James Taylor and Executive Chairman Jason Luo have resigned
  • Its auditor has also resigned around the same time
  • Additional fundraising is extremely needed to launch Urban Delivery, Urban Utility, or any other vehicle

The fate of the stock is unpredictable while it has several issues to solve. ELMS could be on your watchlist until it rips off all the troubles created probably by the former management.Funding in hand, ELMS readies for electric vehicle launch later this year - FreightWaves