The ELMS story is peak 2021 penny EV energy:
* SPAC merger closes June 2021 ✅
* Executives quietly buy company equity at steep discounts with no independent valuation ❌
* Board forms Special Committee to investigate ❌
* Financial statements declared unreliable, need restatement ❌
* CEO and Executive Chairman both resign same day ❌
* Stock drops **51% in a single session** ❌
* Auditor BDO also gets sued for signing off on it all ❌
* $899K settlement, [claims open now](https://11th.com/cases/ellms-investors-settlement) ✅
Deadline: **June 6, 2026.** You are eligible if you held $ELMS between **June 9, 2021 and February 1, 2022.** Payout: \~$0.017/share. It's small, but worth filing it anyway.
$0.017/share isn't going to make anyone whole but the auditor getting dragged into it is the detail that makes this one interesting.
