| Founded | 2020 |
|---|---|
| Closed | 2022 |
| Country | USA |
| Sector | Hardware |
| Total raised | ~$450M via SPAC (Forum Merger IV, 2020–2021) |
| Collapse type | Sudden Collapse |
| Founder | James Taylor |
Electric Last Mile Solutions (ELMS)
"Last-mile EV cargo van startup raised $450M via SPAC and shut down within two years when executives were caught buying pre-SPAC shares at employee prices."
Unexpected shutdown within weeks of a trigger
Key Events Timeline
ELMS listed on NASDAQ in June 2021 through a SPAC merger at $1.
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