- Electric Last Mile Solutions Begins Trading
on Nasdaq Today After Completing Business Combination with Forum
Merger III Corporation
- ELMS Positioned to Redefine Last Mile
Industry as a Public Company
- The ELMS Urban Delivery is Anticipated to be
the First Class 1 Commercial Electric Vehicle in the U.S. with
Production Scheduled for Later this Year
Electric Last Mile Solutions, Inc. (“ELMS” or “the Company”), a
pure-play commercial EV company focused on redefining productivity
for the last mile, today announced that shares of its common stock
and warrants will begin trading on The Nasdaq Stock Market today
under the new ticker symbols “ELMS” and “ELMSW”, respectively. This
follows the completion of the Company’s previously announced
business combination with Forum Merger III Corporation (“Forum” or
“Forum III”), a special purpose acquisition company. Forum
shareholders approved the combination at a special meeting held on
June 24, 2021.
“Today is an important achievement for ELMS and a significant
milestone in our mission to transform last mile productivity for
our customers with efficient, sustainable and connected e-mobility
workstations intended to improve their bottom line,” said Jim
Taylor, Co-Founder and CEO of ELMS. “We are focused on execution to
launch the Urban Delivery, which we anticipate will be a
first-mover in the Class 1 commercial electric vehicle segment. As
a public company, we believe we now have all the pieces in place to
launch the Urban Delivery later this year and are excited to help
position America as the leader in EV manufacturing.”
David Boris, former Co-CEO and CFO of Forum III and now Director
of ELMS, commented, “ELMS is uniquely positioned to capitalize on
the growing, $1 trillion North American ecommerce market and
redefine the last mile of delivery with more efficient and lower
cost EV solutions. As a public company, ELMS will have the platform
and access to capital to accelerate its growth and innovation and
become a critical partner to commercial fleet operators around the
country. I look forward to seeing the ELMS team build an
industry-leading electric vehicle company and transform last mile
delivery and mobility networks.”
ELMS’ Nasdaq listing builds on the momentum the Company has
generated over the past several months, including collaborations
with industry leaders such as Randy Marion Automotive Group, Cox
Automotive Inc. and Geotab Inc. ELMS also recently announced the
addition of its first Chief Digital Officer, who will be
responsible for advancing the development of the Company’s digital
and connectivity solutions for commercial fleet customers.
The ELMS Urban Delivery, anticipated to launch later this year,
is expected to be the first Class 1 commercial electric vehicle
available in the U.S. market and will be produced at the Company’s
recently acquired facility in Mishawaka, Indiana. The Urban
Delivery is anticipated to have a range of approximately 150 miles
and is also expected to come with a suite of connectivity and
productivity solutions, including over-the-air updates. As part of
its integrated business model, ELMS also plans to offer upfitting
solutions to customize the Urban Delivery to fleets’ individual
end-use cases.
ELMS also recently announced plans to reveal a working prototype
of its second vehicle, the Urban Utility, an all-electric medium
duty cab forward truck, later this summer.
Advisors
Jefferies LLC served as exclusive financial advisor and private
placement agent to Forum. Jefferies LLC, Cowen, Wedbush Securities
Inc., Colliers Securities LLC, BTIG, LLC and The Benchmark Company,
LLC served as capital markets advisors to Forum. White & Case
LLP served as legal advisor to Forum. Foley & Lardner LLP
served as legal advisor to Electric Last Mile, Inc.
About Electric Last Mile Solutions, Inc.
Electric Last Mile Solutions, Inc. is focused on defining a new
era in which commercial vehicles run clean as connected and
customized solutions that make our customers’ businesses more
efficient and profitable. ELMS’ first vehicle, the Urban Delivery,
is anticipated to be the first Class 1 commercial electric vehicle
in the U.S. market. The company is headquartered in Troy, Michigan.
For more information, please visit www.electriclastmile.com.
About Forum Merger III Corporation
Prior to the business combination, Forum Merger III Corporation
was a blank check company formed for the purpose of entering into a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Forum’s mandate was to consider an initial business
combination target in any business or industry and it focused its
search on companies with an aggregate enterprise value of
approximately $500 million to $2 billion based in the United
States. Forum was led by Co-Chief Executive Officers Marshall Kiev
and David Boris.
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. The Company’s actual
results may differ from its 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, the
Company’s expectations with respect to future performance and
anticipated financial impacts of the business combination of Forum
and Electric Last Mile, Inc. (the “business combination”), the
size, demands and growth potential of the markets for the Company’s
products and the Company’s ability to serve those markets, the
Company’s ability to develop innovative products and compete with
other companies engaged in the commercial delivery vehicle industry
and/or the electric vehicle industry, the Company’s ability to
attract and retain customers, the estimated go to market timing and
cost for the Company’s products, and the implied valuation of the
Company. 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 the Company’s control and are difficult to predict. Factors
that may cause such differences include, but are not limited to:
(1) 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 Company to grow and manage
growth profitably and retain its key employees; (2) changes in
applicable laws or regulations; (3) the possibility that the
Company may be adversely affected by other economic, business,
and/or competitive factors; (4) the impact of COVID-19 on the
Company’s business; (5) any delays the Company may experience in
realizing its projected timelines and cost and volume targets for
the production, launch and ramp up of production of the Company’s
vehicles and the modification of its manufacturing facility; (6)
the ability of the Company to obtain customers, obtain product
orders, and convert its non-binding pre-orders into binding orders
or sales; (7) the Company’s ability to implement its business plans
and strategies; and (8) other risks and uncertainties indicated
from time to time in the proxy statement filed by Forum relating to
the business combination, including those under the “Risk Factors”
section therein, and in Forum’s other filings and the Company’s
future filings with the Securities and Exchange Commission. Some of
these risks and uncertainties may in the future be amplified by the
COVID-19 outbreak and there may be additional risks that the
Company considers immaterial or which are unknown. The Company
cautions that the foregoing list of factors is not exclusive. The
Company cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
The Company 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 their
expectations or any change in events, conditions or circumstances
on which any such statement is based.
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For Electric Last Mile Solutions, Inc. Media:
elms-svc@sardverb.com Investors: IR@electriclastmile.com
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