Electric Last Mile will liquidate through Chapter 7 bankruptcy

Electric Last Mile Solutions Inc. said it plans to liquidate through a Chapter 7 bankruptcy process, a decision that comes almost one year after the electric-vehicle startup went public and just four months after both its chief executive officer and chairman resigned.

The Troy, Michigan-based company said in a statement late Sunday that its board and interim CEO, Shauna McIntyre, decided to liquidate after a review of Electric Last Mile’s products and plans turned up no better option for stockholders, creditors and other interested parties.