Electric Last Mile going public in $1.4B deal
Auburn Hills-based Electric Last Mile, an electric vehicle company focused on the commercial delivery market, has entered into a merger agreement with Forum Merger III Corporation.
The deal, which is expected to close in the first quarter of 2021, will create a combined company valued at $1.4 billion to be listed publicly as Electric Last Mile Solutions Inc.
The company plans to launch its electric Urban Delivery van, which can drive between 150-200 miles while charged according to its website, in the third quarter of 2021.
“The demand for cost effective solutions to support the e-commerce ecosystem is overwhelming. This industry promises rewards to first movers who can deliver value- driven solutions,” James Taylor, CEO of ELMS, said. “ELMS is jumping the curve with proven technology and a production advantage, and this merger with Forum further accelerates our go-to-market plan and our expected market leadership position.” Forum Merger III Corporation, based in Florida, is a blank check company formed to facilitate mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations and other business combinations, according to a press release.
“Forum is very excited to partner with Electric Last Mile, bringing to market an electric vehicle company to transform last mile delivery and mobility networks,” David Boris, co-chief executive officer and chief financial officer of Forum III, said. “With
the investment from Forum III and other investors, ELMS will be fully funded to
launch its initial products, and serve the growing demand for delivery vehicles.”
The company has already received pre-orders representing over $1 billion in expected revenues, according to the release.