The Nasdaq Inventory Market has notified Electrical Final Mile Options Inc. that the EV startup has fallen out of compliance with its itemizing guidelines, signaling extra hassle for the struggling firm.

The discover was issued to Electrical Final Mile, which trades beneath the ticker ELMS, after it didn’t file required periodic stories with the Securities and Change Fee in a well timed style.

The Nasdaq’s motion, introduced Monday, has no fast affect on the corporate’s itemizing or buying and selling, however ELMS should submit a plan to regain compliance by Might 31, in keeping with a information launch. If the plan is accepted, the corporate could also be granted till Sept. 27 to regain compliance.

“The Firm’s administration is working diligently to finish the Type 10-Ok and intends to file the Type 10-Ok as quickly as practicable, however doesn’t anticipate to take action throughout the timeframe specified by Rule 12b-25 for the explanations mentioned within the Notification,” Electrical Final Mile stated in an 8-Ok report back to the SEC, dated April 5.

The corporate based mostly in suburban Detroit indicated at first of the month that it might be unable to submit its 10-Ok, or annual monetary report, for 2021 on time. It was the newest in a string of economic reporting delays that began with the abrupt resignation of the startup’s CEO and chairman resulting from improper buying and selling.

Since then, the maker of electrical supply vans has gone from rising EV star to monetary misery. It has slashed 1 / 4 of its headcount and provided no projections for when manufacturing would start at its Mishawaka, Ind., plant. The corporate stated final month it has sufficient money to maintain operations by someday between July and September.

An Electrical Final Mile spokesman didn’t reply a request for remark Tuesday.

ELMS inventory dipped about 3 % to $1.12 per share Tuesday afternoon, down almost 90 % from $10.19 when it went public June 25.