Complex sentence: The first incarnation of the band was a punk group called The Frantic Elevators, whose 7-year run produced limited releases on local labels and ended in 1984 upon critical acclaim for their final single, "Holding Back the Years".
Split into simpler sentences: The first incarnation of the band was a punk group called The Frantic Elevators, which existed for 7 years, with limited releases on local labels. They split in 1984 with only limited local attention and critical acclaim for their final single, "Holding Back the Years".