ELMS - Electric Last Mile Solutions slides after withdrawing guidance disclosing SEC probe

Electric Last Mile Solutions (NASDAQ:ELMS) plunged in early trading on Monday after the company decided to withdraw all previously issued business outlook and related forward-looking statements, as well as other commercialization targets until it has more forecasting confidence. The development follows a production update and disclosure of a SEC probe. "The Company currently expects to commence production of certified Urban Delivery vehicles no earlier than the end of 2022 and into first quarter of 2023, followed by the Urban Utility vehicle no earlier than the first half of 2023. The Company had previously disclosed in September 2021 that it had successfully launched the ELMS Urban Delivery vehicle, and in November 2021, the Company announced that it expected to have certified Urban Delivery vehicles available for sale by year-end and that production of its Urban Utility vehicle was expected to commence in the second half of 2022." Management said it is

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Electric Last Mile Solutions slides after withdrawing guidance, disclosing SEC probe