ELMS - EV maker Electric Last Mile Solutions to lay off about 24% of employees

US commercial electric vehicle maker Electric Last Mile Solutions (NASDAQ:ELMS) will lay off about 24% of its staff as it looks to focus on its core business and become leaner, the company disclosed in a regulatory filing on Friday. The plan to terminate 50 employees was approved on Feb. 21, according to the regulatory filing. The company, which is struggling with production due to supply chain hurdles, said on Feb. 1 that its top two executives, Chief Executive James Taylor and Chairman Jason Luo, had resigned  following a special committee investigation into certain sales of equity securities made individuals associated with the EV startup. The company had also said it would restate financial statements as of Dec. 31, 2020 and the nine months ended Sept. 30, 2021.

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EV maker Electric Last Mile Solutions to lay off about 24% of employees