US' Electric Last Mile to file for bankruptcy as shares lose 93% value

US-based electric truck startup Electric Last Mile Solutions (ELMS) said it plans to liquidate through a bankruptcy process, nearly one year after it was listed on Nasdaq and four months after both its CEO and Chairman resigned. ELMS' shares have fallen nearly 93% this year. ELMS said it's liquidating as the board found no better option for stakeholders and creditors.