Market News

ELMS Stock Plunges 28.4% After CEO, Chairman Resign

Electric Last Mile Solutions, Inc. (NASDAQ: ELMS) has appointed Shauna McIntyre as its President and Interim CEO following the resignation of James Taylor. McIntyre serves on the company’s Board.

Additionally, Brian Krzanich replaces Jason Luo as Non-Executive Chairman of the Board. Luo resigned, along with Taylor, as a result of an investigation by a Special Committee of the Board into certain sales of equity shares.

The investigation found that Taylor and Luo directly or indirectly purchased and sold the company’s equity, in November and December 2020, at significant discounts to market value.

Taylor and Luo will continue to work with the EV maker in consulting roles.

About Electric Last Mile Solutions

Based out of Michigan, Electric Last Mile Solutions offers electric and intelligent mobility solutions for the commercial vehicle industry.

The company expects to end 2021 with cash and cash equivalents of around $132 million to $142 million.

Following the announcement, Electric Last Mile Solutions’ shares plunged 28.4% in the extended trading session on Tuesday. The stock had gained 7.3% during market hours to close at $5.59.

Wall Street’s Take

Last month, D.A. Davidson analyst Michael Shlisky maintained a Buy rating on ELMS stock with a $14 price target (150.5% upside potential).

Overall, the stock has a Strong Buy consensus rating based on 3 Buys. The average Electric Last Mile Solutions stock forecast of $14 implies 150.5% upside potential. Shares have lost 60.4% over the past year.

Positive Sentiment

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on ELMS with 8.7% of investors on TipRanks increasing their exposure to the stock over the past 30 days.

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