Electric Last Mile Offered Incentives by the Indiana Economic Development Corporation for Local Manufacturing
December 21 2020 - 8:00AM
Business Wire
Electric Last Mile, Inc. (ELMS) is pleased to announce that the
Indiana Economic Development Corporation (IEDC), which leads the
state’s economic development efforts, has offered ELMS a series of
conditional tax credits and training grants based on its plans to
create new jobs in Mishawaka, Indiana. ELMS previously announced
plans to establish operations in Indiana and launch production of
its commercial electric vehicles at the former AM General and
Hummer plant in Mishawaka, subject to the completion of ELMS’s
proposed business combination with Forum Merger III Corporation
(NASDAQ: FIII).
The IEDC offered ELMS up to $10 million in conditional tax
credits and up to $200,000 in conditional training grants based on
the company’s job creation plans. The IEDC also offered up to $2.8
million in conditional tax credits from the Hoosier Business
Investment (HBI) tax credit program based on the company’s planned
capital investment in Indiana.
“Indiana was a natural choice for us given our product roadmap,
the highly-trained and motivated workforce, and the logistics of
moving finished goods within the U.S.," said Jim Taylor, co-founder
and CEO of ELMS.
About ELMS ELMS is focused on
redefining the last mile market with a vertically-integrated
approach to designing, manufacturing and customizing electric,
connected last mile delivery vehicles. ELMS will provide customers
with sustainable and cost-effective vehicle solutions to run their
businesses. The company is headquartered in Auburn Hills, Michigan.
For more, visit: www.electriclastmile.com
Forward-Looking Statements This press release includes “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. Forum Merger
III Corporation (“Forum”) and ELMS’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 ELMS’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 ELMS’s products and ELMS’s
ability to serve those markets, ELMS’s ability to develop
innovative products and compete with other companies engaged in the
commercial delivery vehicle industry and/or the electric vehicle
industry, ELMS’s ability to attract and retain customers, the
estimated go to market timing and cost for ELMS’s products, the
implied valuation of ELMS 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 ELMS’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 ELMS 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 ELMS 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 ELMS 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 and
ELMS consider immaterial or which are unknown. Forum and ELMS
caution that the foregoing list of factors is not exclusive. Forum
and ELMS caution readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
ELMS 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 ELMS 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 ELMS
of a leasehold interest or fee simple title to the Indiana
manufacturing facility prior to the business combination, and (iii)
the securing by ELMS of key intellectual property rights related to
its proposed business (collectively, the “Carveout Transaction”).
All statements herein regarding ELMS’s anticipated business assume
the completion of the Carveout Transaction. Forum and ELMS do 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 their expectations or any change in
events, conditions or circumstances on which any such statement is
based.
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, ELMS 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 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.
ELMS 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.
No Offer or Solicitation This press release shall not
constitute a solicitation of a proxy, consent or authorization with
respect to any securities or in respect of the business
combination. This press release 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201221005192/en/
Media@electriclastmile.com
IR@electriclastmile.com
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