We are short ELMS because we think they have taken misleading statements to investors to a different level and gone beyond just exaggerating the size of their order book. ELMS DO NOT even BUILD their own EVs Import Records show ELMS is importing fully assembled Chinese vehicles and trying to pass them off as “Made in the USA.” Secure order book and revenue is actually returnable! ELMS’s major “customer” is Randy Marion Automotive – Contracts show that Randy Marion has the right to RETURN all the vehicles purchased from ELMS. We think ELMS has potentially been questionably booking revenue. Overpaid for an idled factory – capital from their SPAC IPO was used to buy a factory that had been idled and was about to be written down. Purchased from the company ELMS recently fired CEO used to run at a >60% premium. Factory Visits = Empty Parking Lots + Chinese Vehicles with ELMS “logo added”.