ELMS agreed to go public through a reverse merger with blank-check company Forum Merger III Corp. in December that valued the EV company at $1.4 billion. When the deal was announced, investors were bullish on EV start-up companies such as ELMS. However, that bullishness has turned to skepticism this year following SPAC-backed automotive companies such as Lordstown Motors and Canoo changing business plans and ousting top executives amid inquiries by the U.S. Securities and Exchange Commission.