The transfer comes after the Troy, Michigan-based corporate disclosed a probe by means of the U.S. Securities and Change Fee and withdrew all its up to now issued industry outlook in March.
ELMS had stated the SEC used to be investigating issues mentioned in prior filings together with disagreements with an accounting company and compliance with the Nasdaq’s record laws.
In February, the then Leader Govt Officer Jim Taylor and Chairman and founder Jason Luo resigned, following an investigation into their proportion purchases.
“The compound impact of those occasions, at the side of a pending SEC investigation initiated this 12 months, made it extraordinarily difficult to protected a brand new auditor and draw in further investment,” ELMS stated in a commentary on Sunday.
The EV maker up to now laid off about 24% of its workforce because it concerned about its core industry.
The corporate went public in June 2021 thru a merger with blank-check company Discussion board Merger III Corp.
