The Nasdaq Stock Market has notified Electric Last Mile Solutions Inc. that the EV startup has fallen out of compliance with its listing rules, signaling more trouble for the struggling company.
The notice was issued to Electric Last Mile, which trades under the ticker ELMS, after it failed to file required periodic reports with the Securities and Exchange Commission in a timely fashion.
The Nasdaq's action, announced Monday, has no immediate impact on the company's listing or trading, but ELMS must submit a plan to regain compliance by May 31, according to a news release. If the plan is accepted, the company may be granted until Sept. 27 to regain compliance.