Electric Last Mile Solutions (ELMS) Receives Nasdaq Notice Regarding Late 10-K Filing

Electric Last Mile Solutions, Inc. (Nasdaq: ELMS; ELMSW) today announced that it has received a notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "Form 10-K"), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the "SEC"). The notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Global Select Market.

Nasdaq indicated that the Company must submit a plan within 60 calendar days from April 1, 2022, or no later than May 31, 2022, addressing how it intends to regain compliance with Nasdaq's listing rules. If Nasdaq accepts the Company's plan, it may grant the Company an extension of up to 180 calendar days from the Form 10-K original filing due date, or until September 27, 2022, to regain compliance.

The Company previously discussed the circumstances behind the late filing of the Form 10-K in the Notification of Late Filing on Form 12b-25 (the "Notification"), filed with the SEC on April 1, 2022. The Company's management is working diligently to complete the Form 10-K and intends to file the Form 10-K as soon as practicable, but does not expect to do so within the timeframe specified by Rule 12b-25 for the reasons discussed in the Notification.

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