TROY,
Mich., May 24, 2022 /PRNewswire/ -- Electric Last
Mile Solutions, Inc. (Nasdaq: ELMS; ELMSW) ("ELMS" or the
"Company") today announced that it has received a notice from The
Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company
has not yet filed its Quarterly Report on Form 10-Q for the
three-month period ended March 31,
2022 (the "Form 10-Q") or its Annual Report on Form 10-K for
the fiscal year ended December 31,
2021 (the "Form 10-K"), the Company is not in compliance
with Nasdaq Listing Rule 5250(c)(1), which requires listed
companies to timely file all required periodic reports with the
Securities and Exchange Commission (the "SEC"). The notification
letter has no immediate effect on the listing or trading of the
Company's common stock on the Nasdaq Global Select
Market.
The Company previously discussed the circumstances behind the
late filing of the Form 10-Q in a Notification of Late Filing on
Form 12b-25, filed with the SEC on May 18,
2022 (the "Notification"). In addition, the Company's delay
in filing the Form 10-K was disclosed in a Notification of Late
Filing on Form 12b-25 filed on April 1,
2022 and discussed in a Current Report on Form 8-K filed on
April 11, 2022 (the "April Current
Report").
As described in the April Current Report, the Company must
submit a plan to Nasdaq no later than May
31, 2022, addressing how it intends to regain compliance
with Nasdaq's listing rules.
The Company's management is working diligently to complete the
Form 10-Q, as well as the Form 10-K, and intends to file as soon as
practicable. However, the Company does not expect to file the
Form 10-Q within the timeframe specified by Rule 12b-25 for the reasons discussed in the 10-Q
Notification.
About Electric Last Mile
Solutions, Inc.
Electric Last Mile Solutions, Inc. (Nasdaq: ELMS; ELMSW) 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 is
headquartered in Troy, Michigan.
For more information, please visit www.electriclastmile.com.
Forward-Looking
Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. The Company's actual
results may differ from its expectations, estimates and projections
and consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate,"
"intend," "plan," "may," "will," "could," "should," "believes,"
"predicts," "potential," "continue," and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
possibility of the Company's common stock becoming delisted from
the Nasdaq Global Select Market and the Company's timeframe for
filing the Form 10-Q and the Form 10-K. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. Most of these factors are outside the Company's control
and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the inability to
recognize the anticipated benefits of the business combination,
which may be affected by, among other things, competition and the
ability of the Company to grow and manage growth profitably and
retain its key employees; (2) changes in applicable laws or
regulations; (3) the possibility that the Company may be adversely
affected by other economic, business, and/or competitive factors;
(4) the impact of COVID-19 on the Company's business; (5) any
delays the Company may experience in realizing its projected
timelines and cost and volume targets for the production, launch
and ramp up of production of the Company's vehicles and the
modification of its manufacturing facility; (6) the ability of the
Company to obtain customers, obtain product orders, and convert its
non-binding pre-orders into binding orders or sales; (7) the
Company's ability to implement its business plans and strategies;
and (8) other risks and uncertainties described in the "Risk
Factors" section of the Company's Quarterly Report on Form 10-Q for
the quarter ended June 30, 2021 and
in the Company's other filings with the Securities and Exchange
Commission, including the Company's Quarterly Report on Form 10-Q
for the quarter ended September 30,
2021, and in the Company's future filings with the
Securities and Exchange Commission. Some of these risks and
uncertainties may in the future be amplified by the COVID-19
outbreak and there may be additional risks that the Company
considers immaterial or which are unknown. The Company cautions
that the foregoing list of factors is not exclusive. The Company
cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
The Company does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
View original
content:https://www.prnewswire.com/news-releases/electric-last-mile-solutions-announces-receipt-of-notice-from-nasdaq-regarding-late-filing-of-quarterly-report-on-form-10-q-301554421.html
SOURCE Electric Last Mile Solutions, Inc.