This EV Maker Targets 24% Layoff - Read Why

U.S. commercial EV maker Electric Last Mile Solutions Inc ELMS looks to lay off 24% of its staff.
The company aims to focus on its core business and streamline its cost structure with the move.
Electric Last Mile Solutions, battling with production due to supply chain hurdles, lost its top two executives, CEO James Taylor and Chairman Jason Luo, following an investigation into their share purchases.
Electric Last Mile Solutions would restate financial statements as of December 31, 2020, and the nine months ended September 30, 2021.
Price Action: ELMS shares closed lower by 7.73% at $1.79 on Friday.

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