The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Electric Last Mile Solutions, Inc. Publicly-Traded Common Stock – ELMSQ

NEWARK, N.J., April 02, 2026 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the District of New Jersey has approved the following announcement of a proposed class action settlement that would benefit purchasers of Electric Last Mile Solutions, Inc. publicly-traded common stock (OTCMKTS: ELMSQ):

UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY

SUMMARY NOTICE OF PENDENCY AND
PROPOSED CLASS ACTION SETTLEMENT

TO: ALL PERSONS WHO PURCHASED PUBLICLY-TRADED COMMON STOCK OF ELECTRIC LAST MILE SOLUTIONS, INC. BETWEEN JUNE 9, 2021 AND FEBRUARY 1, 2022, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on June 16, 2026, at 10:00 a.m. before the Honorable Michael E. Farbiarz, United States District Judge of the District of New Jersey, 2 Federal Square, Newark, New Jersey, 07102 for the purpose of determining: (1) whether the proposed settlement (“BDO Settlement”) of the claims in the above-captioned Action against defendant BDO USA, P.C. (“BDO”) for consideration including the sum of $899,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the BDO Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to 27.5% plus interest of the Settlement Amount and reimbursement of expenses of not more than $1,200 should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement, dated February 21, 2025 (the “Settlement Stipulation”). The Court reserves the right to reschedule the hearing date or hold the hearing telephonically or by other virtual means.

If you purchased publicly-traded common stock of Electric Last Mile Solutions, Inc. (“ELMS”) between June 9, 2021 and February 1, 2022, both dates inclusive, your rights may be affected by the BDO Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in ELMS common stock. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form ("Proof of Claim“), you may obtain copies by writing to or calling the Claims Administrator: Electric Last Mile Solutions, Inc. Securities Litigation (BDO), c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063; (Toll-Free) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net. You can also download copies of the Notice and submit your Proof of Claim online at www.strategicclaims.net/ELMS/.

This is the second settlement in this Action. The Court previously approved a settlement between Plaintiffs and the Individual Defendants. If you already submitted a valid and timely Proof of Claim in the Individual Defendants Settlement, you do not need to file another Proof of Claim. Your prior valid and timely Proof of Claim will be used for the BDO Settlement. If you are a member of the Settlement Class and have not already submitted a valid and timely Proof of Claim in the Individual Defendants Settlement, and wish to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim electronically at www.strategicclaims.net/ELMS/ no later than 11:59 p.m. Eastern Time on June 6, 2026 or postmarked no later than May 26, 2026 to the Claims Administrator at the address in the preceding paragraph, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than June 8, 2026, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Settlement Stipulation.

Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses must be in the manner and form explained in the detailed Notice and received by the Claims Administrator at the address below no later than June 8, 2026:

Strategic Claims Services
P.O. Box 230
600 N. Jackson St., Ste. 205
Media, PA 19063
info@strategicclaims.net

Claims Administrator

If you have any questions about the BDO Settlement, you may call or write to Lead Counsel:

Laurence Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
One Gateway Center, Suite 2600
Newark, NJ 07102
(973) 313-1887
info@rosenlegal.com

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

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