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What a clusterf*ck-- who needs the rather inane shortseller report from "Fuzzy Panda Research" yesterday when there's Jefferies analyst Stephen Volkmann. Singing the praises of ELMS last year and positing the highest one-year price target ($18) among the six analysts, early this a.m. he came in with a downgrade to Hold and slashed his PT all the way down to $2.50/share (far below the reduced PTs of analysts yesterday: $7, $6, $4). I was expecting him to defend the investment thesis, not tank it.
I sold 12k of my 14k shares pre-market on the ask (to not crash the price) at 2.49 avg.
At least i'll have a huge tax-loss deduction to offset far more massive gains in mkt-tracking ETFs (VTI, VOO, ITOT, the bulk of my portfolio the past six years) in case i need to take some cap gains this year or next.
But the 6% of my portfolio i've devoted to individual stock trading, which had become very overweight on ELMS (because of the uniformly positive prospects put out by Volkmann, Ives at Wedbush, and the others) has just been torched.
The new ELMS interim CEO Shauna McIntyre needs to step up here ASAP and defend the investment thesis and business model....
And jeez, when is that safety certification (homologation) from the NHTSA going to ever happen? Taylor promised it in Sept. for the Fall, then Dec., then January.
I was expecting a pop from that news, but now am wondering if it's coming at all....
Sorry to be so negative but i feel quite betrayed by mgmt, IR, and analysts.
I'm keeping 2K shares just in case this thing ever turns around and gets rolling.....
I don't understand the logic of the two analysts i saw cited today in stock-news stories, when they argue that Taylor and Luo were the key personnel for the future of ELMS, and now that they're gone, the co.'s future is uncertain...
--The 8-K made it quite clear that Taylor is staying on as a well-paid consultant for the next 2 years!! And Luo will also be available as a consultant. So that "mgmt expertise" is still there.\
And since they both still own so many shares, they are surely motivated to see ELMS and its stock do as well as possible. Btw, a "non-disparagement" clause is written into their agreement.
Guessing we'll see some class action PR's before the end of the day.
On a lighter note, they have no revenues to speak of or earnings so restating the financials isn't going to make them look worse. Nonetheless, the reputational damage may be hard to put behind them.
My concern is that with this leadership transition, delays in execution, shareholder lawsuits etc they won't have enough cash to reach cash flow positive and will have to dilute at a very depressed share price.
Reading the fine print of the 8-K, it appears that the share-count will be reduced by at least 7.8M shares by the "surrender" of 6M shares from Luo, 1.8M from Taylor; "and, no later than April 11, an additional number of shares of Company common stock with a value of approximately [$3.3 million for Taylor, $10 million for Luo] based on a VWAP calculation." So the latter could mean a further reduction in share-count as well as funds incoming to ELMS cash coffers.
Oh man this sucks.
Tesla buyout? LOL damn.
And by "positive," i mean a reduced share-count, which will increase EPS down the road, assuming they get logistics smoothed out, ramp up sales, and begin generating the big revenues.
Good summation, MrGreenie. I, too, am in deep on this one and the news is rather shocking. But, like you, i'm thinking something very positive could come out of this...
Bombshell report dropped at 6:00 EST today.
What we know -
- Taylor and Luo essentially 'gifted' themselves shares by discounting them heavily and purchasing right before the Merger was announced.
- The Board set up a special committee to investigate this. They found it to be true and dumped Taylor / Luo from their positions.
- McIntyre is in at CEO and Krzanich as non-executive Chairman.
- Financial statements will be revised and re-released.
What we don't know -
- Will Taylor and Luo have equity ownership stakes revoked/lowered? What's the legal allowance here?
- Per above, will that cause a change in the float? Essentially making each share more valuable? (Luo owns ~50%) Would be bullish if this takes shares out of circulation?
- Was this holding up announcements regarding NHTSA certification?
There's a lot to unpack here. Obviously this is bad news because Taylor was a huge asset and it makes the company look very bad. However, I think it's good that the board is willing to seek out and rectify this corruption and the SEC isn't the one leading the investigation.
Will be very interesting to see how this plays out over the coming months. I'm officially overleveraged and trapped so fingers are crossed this ends up positive.
With all due respect. They should give an update tomorrow.
Interesting this is bouncing along with EV sector despite no certification news that was first "expected" in December and then in January. Buyers don't seem concerned that it's January 31 and no update from company.
The selloff in this sector continues to be unbelievably brutal.
Never thought sentiment would so turn against it.
But at some point, presumably after logistic supply-lines "heal," the sentiment will turn and we likely get a massive run-up.
In the meantime, there's so much pain for anyone heavily invested in the sector.
Well, I’m only 19k away from meeting lawsuit requirement. So, guess bring it down more? Damn it.
ELMS
There are a number of new graphic ads for ELMS over past several days that you can see at their Linkedin site:
https://www.linkedin.com/company/electric-last-mile-solutions/posts/?feedView=all
True market is ugly lately. There was just a tweet from Musk related th EVs, maybe that gets some more eyes here soon.
ELMS
It's the entire darned EV sector and almost all the rest of the market, too. Even bonds are down. Massive "risk off" sentiment. I saw a news blurb from S.Alpha today and they named over a dozen EV names that were down 10% or more.
Good call. Looks right and hopefully we can bounce from here but I agree with you. This stock makes me want to pull out any hair I may have left. Lol
ELMS
I'm not liking the # of open Feb puts @ 5.00. (512). Today we had 1300 puts ITM at 7.5 and 750 calls OTM at 7.5. Whoever's shorting this is also on the options chain and they've been right so far.
Company needs to release some damn news, change the narrative, and trap these shorts. They undoubtedly have customers but are too conservative with their PR. Getting really fed up with it. If we go another whole week without news I'll have lost all faith.
Rough but hope it does. Will bottom be 5.55 or 5.50? I sure hope so
ELMS
ELMS is being swept up (or is that "swept down") with the rest of the market's heavy selloff. Nasdaq is already in correction territory. EV sector selling has been nasty. Oh well, hoping it's a case of "this, too, shall pass."
Almost mirror image of yesterday. Can we please hold 6.00.
ELMS
Agree! Hopefully we hear something positive from management soon.
ELMs
Waiting for the NHTSA (hopefully this month) and then the sky is the limit.
Apologies for late response but thanks for clearing up the FedEx situation, I agree would be nice and something of a positive update.
ELMS
Indeed! I still have faith they will deliver on their promises but getting pretty fed up with how they are going about it. No updates. No hype. No effort at marketing. I was very excited to see a pre ER run-up but now think we won't get anything (and a disappointing ER to boot).
The only saving grace is that it is performing relatively stable when compared to other young EV's companies.
Greenie, that's some useful DD you've dug up by contacting the RM group. Thanks for this! I love the part about production really ramping up in March. They must know something from ELMS about the logistics situation opening up to flow more freely.... That would be not just "huge" but YUUUUUUGE!
The Dawn is looking good, even without Tony Orlando.
The night is darkest just before dawn...
Good article about ELMS after the CES....
https://www-cnet-com.cdn.ampproject.org/c/s/www.cnet.com/google-amp/news/elms-commercial-vans-ces-2022/
Electric-vehicle maker ELMS moves out of the shadows at CES 2022
Focused on building affordable, battery-powered commercial vehicles, Electric Last Mile Solutions could quickly become a household name.
Craig Cole Fri Jan. 7, 2022
Tesla, Rivian, Lucid and Fisker are the EV makers that grab headlines: They're sexy, tech-y and oh-so glamorous. But countless other electric vehicle manufacturers are working just as hard to build battery-powered vehicles. Arguably, one of the most important ones you've probably never heard of is Electric Last Mile Solutions, or ELMS. (Pronounce it "elms," like the tree.) And at CES 2022, the company moved out of the shadows -- in short order, ELMS could become a household name.
"I'd still call us relatively stealth," Jim Taylor, the automaker's co-founder and chief executive officer, told Roadshow. Despite flying way below the radars of most people, he explained, "We're real, we're not a PowerPoint [presentation], or a car that will come out in two years."
ELMS is building and delivering all-electric vans right now. Headquartered in Troy, Michigan, ELMS has a manufacturing plant in Mishawaka, Indiana, at an old Hummer factory that was converted to build EVs. Bringing things full circle, Taylor used to be an executive at GM: He was in charge of Cadillac and, as fate would have it, the Hummer brand.
PHOTO: The Urban Delivery is a heavily reworked Wuling van imported from China.
About the polar opposite of those two marques, ELMS focuses on offering solid, affordable commercial vehicles. "Extreme technology is not our play," said Taylor, rather, "It's extreme affordability." The company's Urban Delivery van is tailor made for painters, couriers and other businesses in need of long-lasting, workhorse vehicles, so don't expect this hauler to feature Nappa leather, an adaptive suspension system or ventilated seats.
At 186 inches long, the Urban Delivery is about the size of a Ford Transit Connect. It rolls on a 120-inch wheelbase and weighs a claimed 3,133 pounds. Cargo space clocks in at a generous 157 cubic feet, and its maximum payload is 2,100 pounds. (Yep, more than a ton.) As for performance, this vehicle is no rocket: It features a 41-kilowatt-hour battery pack provided by CATL, which ELMS estimates will deliver 110 miles of range in Environmental Protection Agency testing. A single electric motor cranks out a modest 60kW of oomph, about 80 horsepower. The top speed is a claimed 55 mph -- pretty slow, but more than enough for downtown delivery duty.
Based on its outward appearance, this van looks pretty utilitarian and oddly unfamiliar. This is because at its core the Urban Delivery is a Wuling design from China. Taylor explained a lot of people accuse them of just importing Chinese vans but he said emphatically "that's what we aren't doing." ELMS does start with a body-in-white rolling chassis that's supplied by Wuling, because "it's out on the road with proven reliability," but ELMS reworks them significantly, adding seats, sensors and safety gear, new bumpers and headlights (everything it takes to make the vehicle street legal in the US). ELMS also installs its own electric powertrain. [And also installs smart digital electronics and uniquely outfits each van to meet needs of different kinds of customers/businesses.]
PHOTO: Don't expect cutting-edge tech inside this van.
But why start with Wuling? Taylor explained the company imported a bunch of the most-popular commercial vans sold in China and compared them. Wuling's established offering came out on top, which is why ELMS chose it as the basis for its first model. And of course, by starting with an existing product, you don't have to develop a vehicle from scratch, which saves years of work and untold billions of dollars.
The first Urban Delivery vans were handed over to customers in September, but they are not street legal. The Urban Delivery Campus Vehicle as this variant is called, is intended to be used in closed settings, such as on university grounds. Taylor explained, ELMS decided to launch a non-homologated product first in order to iron out any production or supply issues. But simultaneously, engineers were developing a roadworthy version of the van, one that meets all federal standards. Work on this model is complete, and vehicles should begin shipping to customers by the end of this month, meaning you might start seeing the Urban Delivery quietly rolling through your neighborhood sooner rather than later.
Aside from this light-duty offering, ELMS is developing an all-electric chassis-cab model, which will also be a reworked version of a Chinese vehicle. Called the Urban Utility, it's expected to go on sale in short order, likely early in the second half of 2022. Large, Class 3 trucks like this one have nowhere near as many safety requirements as passenger vehicles, so the company is able to get this product out the door a whole lot sooner than its smaller sibling.
PHOTO: The Urban Utility chassis-cab truck is the next project ELMS is working on.
The ELMS Urban Delivery starts at around $34,500 before any EV incentives. Making things interesting, the available $7,500 federal tax credit should drop the price to one that's right in line with combustion-powered rivals. When you factor in the generally low cost of electricity and EVs' dramatically reduced maintenance, they become an even better deal. As for availability, "We're only focused on this commercial side," said Taylor, though for fans of boxy and basic vehicles, there's nothing stopping the average driver from grabbing one. ELMS products will be sold through three handpicked distributors located in key US markets.
Taylor can't comment on how many units have been ordered or what companies are interested, but he seems highly optimistic about what his team is doing. He said the Urban Delivery "is going to put us on the map." And who knows, maybe someday ELMS will be mentioned in the same breath as Tesla, Rivian and other high-profile EV makers.
From what we've read and heard from CEO Taylor, it's the regional FedEx "franchise" operators, not the national co. itself, that has thus far expressed interest. But it would still be big news and big sales if some of these regional FedEx entities bought the UD and UU vehicles from ELMS.
To repeat, it looks like all interested customers are waiting until full certification from the NHTSA and then ELMS can actually start releasing those public-road-worthy vehicles.
I hope this team delivers. Very upsetting to see this down here still but it is what it is.
I hope we can hear something about FedEx, I thought they had a potential contract with them.
ELMS
Down day for the Nasdaq.... But ELMS' news release this a.m. implicitly suggests that full certification is coming by mid or late Jan. for mgmt to promise that the UD vans will be available for public road use.
The stock action is such a tease. I see we both picked it in PSL now now it HAS to go up!??
What? No Jan. pop up? Looking at a bunch of other smallcap stocks, it appears the Big Money is still in a "risk off" mode, even with the general major indices up. In the EV sector, only big names like TSLA and NIO are moving up significantly. That's a disappointment, but it is what it is.
Hopefully the NHTSA will come through this week or next with the full certification of the ELMS van and then, especially if ELMS announces any improvement on the logistics issue, this should really bounce back.
Ha!-- hilarious....
My wife says I overthink things and I tell her 20 reasons why she's wrong...
Ha-- i don't know about that conspiracy theory, but before ELMS / FIII merger closed, i kept to myself another conspiracy theory, namely that shady characters for Ford motor co. tried to manipulate FIII way down so that loads of shares would be redeemed and ELMS wouldn't have enough funding to carry out their business plan, which would steal market share from Ford's Transit van.
I know this is paranoid thinking but RIVN lives in a different zip code with its nearly $100 B market cap and huge contract with AMZN which must be powerful in DC. I worry the NHTSA might be getting pressured to slow walk ELM"s certification to diminish their first mover advantage.
I hope it's a leak of news that full NHTSA certif. has arrived!
We'll see....
On 2nd thought, it could just be shorts covering on ELMS (with its relatively small float) and other EV names before the expected Jan. pop. for so many of these beaten-down names.
All EVs up today but ELMS leading the pack. Impressive volume too. Don't see any news. Maybe a pump?
OK, so that interview is mainly entertaining Q&A about Jim's past, what was his favorite car in his life, etc. There's really only about 8-10 mins. total about ELMS. The one fact i picked up that is interesting is that he and exec team have re-hired about 100 persons who formerly worked at the Hummer plant in Mishawaka, IN, that is now turning out the ELMS vehicles.
Interesting 47-min. interview with CEO James Taylor at this "Cars Yeah" podcast site with a gregarious interviewer.
I've not yet made it more than a few mins. into the interview -- it will likely cover stuff we've already heard but there may be some new stuff in there...
https://carsyeah.com/ourportfolio/1973-jim-taylor/
Interesting. I won’t hold my breathe after the performance so far today. Maybe if I say I sold my position at a loss they’ll bring it back up lol.
ELMS
To give an idea of just how brutally sold off the EV sector is, here's another useful post from our friend Researcher59 over at the Savvy Trades ihub board showing the percentage drop in 2021 from Highs to Lows. Most of the stocks have performed worse than ELMS:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=167291589
Unfortunately, the NHTSA is on its own schedule. ELMS has probably satisfied all requirements and is just waiting for the gov. entity to do its part. So the problem is likely not with ELMS but NHTSA.
Everything seems to be taking longer during this pandemic era.
My (Canadian-born, US-raised) wife needed to renew her green card and it's been an almost 4 month wait since the in-person visit and we were told it would take only 2 months or so to finalize the renewal and issue the new card. When i view online the status of her case, i'm informed that all the requirements are complete from our end. They're probably understaffed due to COVID and people quitting due to vaccine requirements.
This is just a small anecdote but we all know how long govt bureaucracy can take b/c massive amounts are spent each year on defense contractors rather than efficient govt and really useful services. And now COVID is messing with everything.
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About Electric Last Mile Solutions, Inc.
Electric Last Mile Solutions, Inc. is focused on defining a new era in which commercial vehicles run clean as connected and customized solutions that make our customers’ businesses more efficient and profitable. ELMS’ first vehicle, the Urban Delivery, is anticipated to be the first Class 1 commercial electric vehicle in the U.S. market. The company is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com.
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