Electric Last Mile Solutions
Another SPAC EV fraud: co-founders allegedly bought shares below the IPO price before the merger, then resigned.
2020 → 2022
$380M
EV/Automotive
USA
IdeaProof AI Failure Score
Full Analysis
Electric Last Mile Solutions planned to make electric delivery vans for commercial fleets. After going public via SPAC, an SEC investigation revealed that co-founders Jason Luo and Jim Taylor had purchased shares at a steep discount before the SPAC merger — a potential securities violation. Both resigned. The company tried to continue but couldn't raise additional capital and filed for Chapter 7 liquidation in June 2022.
Could This Failure Have Been Prevented?
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