The abrupt resignation of the two top executives at Electric Last Mile Solutions Inc. could spell "dark days" ahead for the newly public Troy-based electric vehicle company.
CEO James Taylor and Chairman Jason Luo, each co-founders of the electric commercial vehicles maker, stepped down after the company's board determined they bought company equity without obtaining an independent valuation, the company said in a statement late Tuesday.
News of the resignations also comes amid increased questions about EV companies like ELMS, which have predominantly gone public by merging with a so-called "blank check" company — formally known as special purpose acquisition companies, or SPACs — offering them a quicker access to the stock market than an initial public offering, but often more risk for investors.