According to foreign media reports, Electric Last Mile Solutions(ELMS) warned on May 27 that if it raised more funds, the company might run out of funds in June this year, at least one month earlier than previously expected.

　　Photo: Lai Yuan Lai Li, from: ELMS

　　This electric vehicle startup, headquartered in the suburbs of Detroit, has been framed in a document, and the latest forecast predicts that it should increase in some fields, including employee retention and support.

　　ELMS said in the document: "The company expects to estimate that the existing funds can only keep the company operating until June 2022 without obtaining additional financing." The company also said that it is "actively looking for potential sources of liquidity" to improve its financial status.

　　ELMS said in March this year that it had enough cash on hand to continue its operations from July to September. At present, the company is being investigated and visited by the US Securities and Exchange Commission (SEC), and it has not been audited since February.

　　Due to some financial reporting challenges, including the fact that the deadline for submitting the annual 10-K report has already passed, the delay in submitting the first quarter 10-Q report, and the need to redo or restate the financial statements of at least two previous quarters, the company’s stock has fallen by 90% this year. The company must also submit a plan to Nasdaq before May 31st, outlining how to make the company conform to the listing rules.