Item 7.01
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Regulation FD Disclosure.
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In
connection with the previously announced business combination (the “Business Combination”) between Forum Merger
III Corporation (“Forum”) and Electric Last Mile, Inc. (“ELMI”), ELMI issued a press release,
a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing that the Indiana Economic Development
Corporation has offered ELMI a series of conditional tax credits and training grants based on ELMI’s anticipated job creation
plans in Mishawaka, Indiana.
The information in
this Item 7.01, including Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under
that section, and shall not be deemed to be incorporated by reference into the filings of Forum under the Securities Act of 1933,
as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in
such filings. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any of the information in
this Item 7.01, including Exhibit 99.1.
Important Information About the Business
Combination and Where to Find It
In connection with
the Business Combination, Forum intends to file a preliminary proxy statement. Forum will mail a definitive proxy statement and
other relevant documents to its stockholders. Forum’s stockholders and other interested persons are advised to read, when
available, the preliminary proxy statement and the amendments thereto and the definitive proxy statement and documents incorporated
by reference therein filed in connection with the Business Combination, as these materials will contain important information about
Forum, ELMI and the Business Combination. When available, the definitive proxy statement and other relevant materials for the Business
Combination will be mailed to stockholders of Forum as of a record date to be established for voting on the Business Combination.
Stockholders will also be able to obtain copies of the preliminary proxy statement, the definitive proxy statement and other documents
filed with the United States Securities and Exchange Commission (the “SEC”) that will be incorporated by
reference therein, without charge, once available, at the SEC’s web site at www.sec.gov, or by directing a request to: Forum
Merger III Corporation, 1615 South Congress Avenue, Suite 103, Delray Beach, FL 33445, Attention: Secretary, telephone: (212) 739-7860.
Participants in the Solicitation
Forum and its directors
and executive officers may be deemed participants in the solicitation of proxies from Forum’s stockholders with respect to
the Business Combination. A list of the names of those directors and executive officers and a description of their interests in
Forum is contained in Forum’s Registration Statement on Form S-1/A, which was filed with the SEC and is available free of
charge at the SEC’s web site at www.sec.gov, or by directing a request to Forum Merger III Corporation, 1615 South Congress
Avenue, Suite 103, Delray Beach, FL 33445, Attention: Secretary, telephone: (212) 739-7860. Additional information regarding the
interests of such participants will be contained in the proxy statement for the Business Combination when available.
ELMI and its directors
and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Forum in connection
with the Business Combination. A list of the names of such directors and executive officers and information regarding their interests
in the Business Combination will be included in the proxy statement for the Business Combination when available.
Forward-Looking Statements
This Current Report
on Form 8-K includes “forward-looking statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. Forum and ELMI’s actual results may differ from their expectations,
estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events.
Words such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,”
“should,” “believes,” “predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation,
Forum’s and ELMI’s expectations with respect to future performance and anticipated financial impacts of the Business
Combination, the satisfaction of the closing conditions to the Business Combination, the size, demands and growth potential of
the markets for ELMI’s products and ELMI’s ability to serve those markets, ELMI’s ability to develop innovative
products and compete with other companies engaged in the commercial delivery vehicle industry and/or the electric vehicle industry,
ELMI’s ability to attract and retain customers, the estimated go to market timing and cost for ELMI’s products, the
implied valuation of ELMI and the timing of the completion of the Business Combination. These forward-looking statements involve
significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of
these factors are outside Forum’s and ELMI’s control and are difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination
of the agreement and plan of merger (“Merger Agreement”) relating to the Business Combination or could otherwise
cause the Business Combination to fail to close; (2) the inability of ELMI to (x) execute the transaction agreements for the Carveout
Transaction (as defined below) that are in form and substance acceptable to Forum (at Forum’s sole discretion), (y) acquire
a leasehold interest or fee simple title to the Indiana manufacturing facility or (z) secure key intellectual property rights related
to its proposed business; (3) the outcome of any legal proceedings that may be instituted against Forum or ELMI following the announcement
of the Business Combination; (4) the inability to complete the Business Combination, including due to failure to obtain approval
of the stockholders of Forum or other conditions to closing in the Merger Agreement; (5) the receipt of an unsolicited offer from
another party for an alternative business transaction that could interfere with the Business Combination; (6) the inability to
obtain the listing of the common stock of the post-acquisition company on the Nasdaq Stock Market or any alternative national securities
exchange following the Business Combination; (7) the risk that the announcement and consummation of the Business Combination disrupts
current plans and operations; (8) the inability to recognize the anticipated benefits of the Business Combination, which may be
affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain
its key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility
that ELMI may be adversely affected by other economic, business, and/or competitive factors; (12) the impact of COVID-19 on the
combined company’s business; and (13) other risks and uncertainties indicated from time to time in the proxy statement to
be filed relating to the Business Combination, including those under the “Risk Factors” section therein, and in Forum’s
other filings with the SEC. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there
may be additional risks that Forum considers immaterial or which are unknown. Forum cautions that the foregoing list of factors
is not exclusive. Forum cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of
the date made. ELMI is currently engaged in limited operations only and its ability to carry out its business plans and strategies
in the future are contingent upon the closing of the proposed Business Combination. The consummation of the Business Combination
is subject to, among other conditions, (i) the execution and effectiveness of transaction agreements by ELMI with SF Motors, Inc.
(d/b/a SERES) that are each in form and substance acceptable to Forum (at Forum’s sole discretion), (ii) the acquisition
by ELMI of a leasehold interest or fee simple title to the Indiana manufacturing facility prior to the Business Combination, and
(iii) the securing by ELMI of key intellectual property rights related to its proposed business (collectively, the “Carveout
Transaction”). All statements herein regarding ELMI’S anticipated business assume the completion of the Carveout
Transaction. Forum does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which
any such statement is based.
No Offer or Solicitation
This Current Report
on Form 8-K shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect
of the Business Combination. This Current Report on Form 8-K shall also not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.