TROY,
Mich., April 11, 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 Annual Report on Form 10-K for the fiscal
year ended December 31, 2021 (the
"Form 10-K"), the Company is no longer 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.
Nasdaq indicated that the Company must submit a plan within 60
calendar days from April 1, 2022, or
no later than May 31, 2022,
addressing how it intends to regain compliance with Nasdaq's
listing rules. If Nasdaq accepts the Company's plan, it may
grant the Company an extension of up to 180 calendar days from the
Form 10-K original filing due date, or until September 27, 2022, to regain compliance.
The Company previously discussed the circumstances behind the
late filing of the Form 10-K in the Notification of Late Filing on
Form 12b-25 (the "Notification"), filed with the SEC on
April 1, 2022. The Company's
management is working diligently to complete the Form 10-K and
intends to file the Form 10-K as soon as practicable, but does not
expect to do so within the timeframe specified by Rule 12b-25 for the reasons discussed in the
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-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.
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SOURCE Electric Last Mile Solutions, Inc.