Electric Last Mile Solutions Inc (ELMSQ)

[value1008]

I wasn't aware until i checked Stocktwits this a.m. that ELMS filed an 8-K Friday afternoon-- FULL OF BAD NEWS. (Have no idea why it didn't show up in the news feed here at IHUB ELMS board.)
Apparently the cash burn was paying off more of the Mishawaka factory previously owned by SERES.
James Taylor's consultancy has been terminated.
Production of the road-worthy Urban Delivery van has been delayed many months, and same with the Urban Utility truck....
(SEE MY NEXT POST of the 8-K contents....)

Here's a news report, which doesn't contain any news about the big delay in production. https://finance.yahoo.com/news/electric-last-mile-discloses-sec-225415878.html

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From the 8-K:

3/11/22, 03:52 PM
$ELMS
As of March 10, 2022, [the Company has] approximately $95 million in cash The Company currently believes it has sufficient cash to continue operations through sometime between July and September 2022. We are continuing to evaluate our rate of cash expenditures, which will be affected by expenses related to professional fees associated with ongoing compliance, regulatory and litigation matters; financial statement preparation and audit costs; and the pace and cost of our ongoing vehicle development work. Additionally, as disclosed in Item 5.02 of this Current Report on Form 8-K, the Company has provided notice to Mr. Taylor of the termination of the Consulting Agreement and his services thereunder. The Company is actively pursuing potential sources of liquidity and is working to extend its cash runway during this process to the extent possible, if at all. The Company will not be able to launch the Urban Delivery, Urban Utility or any other vehicle without obtaining such additional liquidity.