- Randy Marion Automotive Group (RMA), one of the largest
commercial fleet dealers in the nation, selected as ELMS’ first
Strategic Distribution Partner for the Urban Delivery
- RMA is expected to order 6,000 Urban Delivery EVs subject to
the finalization of the commercial relationship
- ELMS also partnering with RMA for testing with existing and
potential RMA customers
- The ELMS Urban Delivery is anticipated to be the first Class 1
commercial EV available in the U.S. market and is expected to offer
fleets a lower total cost of ownership versus competing gas
vehicles
Electric Last Mile, Inc. (“ELMS” or “the Company”) today
announced a new collaboration with Randy Marion Automotive Group’s
commercial division (“RMA”) that selects RMA as the Company’s first
Strategic Distribution Partner to help execute the launch of the
Urban Delivery. By partnering with RMA, ELMS believes it can bring
the anticipated first Class 1 commercial EV available in the U.S.
market to fleet customers of all sizes and geographies across the
country.
The agreement between ELMS and RMA, one of the nation’s largest
commercial dealerships, also proposes to cover an order of 6,000
Urban Delivery vehicles subject to the finalization of the
commercial relationship. This would represent a significant portion
of ELMS’ initial launch volume through the first half of 2022 for
RMA’s commercial fleet customers.
“Our fleet customers are seeking solutions that both address
their sustainability goals and also drive their bottom line,” said
Randy Marion, founder and CEO of RMA. “After presenting the Urban
Delivery, the demand from our customers across the country has been
overwhelming, and by working with ELMS, we expect we can deliver
them the first Class 1 commercial EV in the U.S. market.”
“We are thrilled to have the opportunity to work with Randy
Marion Automotive Group, one of the largest and most prominent
commercial dealers in the country, to combine our anticipated
first-to-market Class 1 commercial EV with an established
commercial fleet customer network,” said James Taylor, co-founder
and CEO of ELMS. “This is really a new and bold approach by Randy
Marion to jump the curve on fleet electrification, and a strong
validation of our differentiated business model and expected first
mover advantage in the Class 1 commercial EV space.”
ELMS further announced that it is working with RMA and several
of their long-term fleet customers and others across several
industry verticals to initiate trials of the Urban Delivery
vehicle. Customers that are scheduled to participate in testing
include a California FedEx Delivery Service Provider, a regional
plumbing services company, an east coast-based HVAC systems
provider, a major university and a southeast produce distributor.
ELMS plans to provide more details on customer testing in the near
future.
With the Urban Delivery, ELMS is working to deliver fleets the
most reliable and efficient last mile solutions, combining
integrated deep data analytics, customization and sustainable
engineering.
The ELMS Urban Delivery is anticipated to have approximately 150
miles of range and provide 170 cubic feet of cargo space, which is
estimated to be approximately 34% more than the current leading gas
model in the Class 1 commercial vehicle segment. The Urban Delivery
is also expected to be offered at a net price of $25,000 based upon
the presently available U.S. federal tax credit of $7,500, giving
it a lower expected total cost of ownership compared to existing
gas competitors. ELMS also expects to equip the Urban Delivery with
a data and connectivity suite to maximize fleet efficiency and
plans to customize vehicles through its integrated upfitting
operations and partnerships.
In December 2020, ELMS announced its intention to merge with
Forum Merger III Corporation (Nasdaq: FIII). Upon closing of the
merger transaction, the combined company will be named Electric
Last Mile Solutions, Inc. and the common stock of Electric Last
Mile Solutions, Inc. is expected to be listed on the Nasdaq Capital
Market under the new ticker symbol, “ELMS.” The merger is expected
to close in the second quarter.
About Electric Last Mile, Inc.
ELMS is focused on redefining the last mile with efficient,
connected and customizable solutions. ELMS’ first vehicle, the
Urban Delivery, is anticipated to be the first class 1 electric
vehicle in the U.S. market. The company is headquartered in Troy,
Michigan. For more information, please visit
www.electriclastmile.com or Twitter @ELMSolutions.
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’s (“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 previously announced business combination of Forum and ELMS
(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 consummate the Carveout Transaction (as defined below);
(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
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 business combination. The consummation of the business
combination is subject to, among other conditions, (i) the
effectiveness of certain agreements between ELMS and SF Motors,
Inc. (d/b/a SERES) (“SERES”), (ii) the acquisition by ELMS of a
leasehold interest in, or fee simple title to, the Indiana
manufacturing facility prior to the business combination (provided
that Forum has agreed that this condition will be waived upon
delivery by ELMS of evidence of the mutual written agreement of
ELMS and SERES as to the date and time of the transfer of
possession of the facility to ELMS, which date and time shall be no
later than two business days following the closing of 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 filed a
preliminary proxy statement with the U.S. Securities and Exchange
Commission (“SEC”) and intends to file a definitive proxy statement
with the SEC. Forum’s stockholders and other interested persons are
advised to read the preliminary proxy statement and any amendments
thereto and, when available, the definitive proxy statement, in
connection with Forum’s solicitation of proxies for its special
meeting of stockholders to be held to approve, among other things,
the business combination, because these documents contain important
information about Forum, ELMS and the business combination. When
available, the definitive proxy statement 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.
Forum’s stockholders may also obtain a copy of the preliminary
proxy statement, any amendments thereto, and, once available, the
definitive proxy statement, as well as other documents filed with
the SEC by Forum, without charge, at the SEC’s website located at
www.sec.gov or by directing a request to: Forum Merger III
Corporation, 1615 South Congress Avenue, Suite 103, Delray Beach,
FL 33445. The information contained on, or that may be accessed
through, the websites referenced in this press release is not
incorporated by reference into, and is not a part of, this press
release.
Participants in the Solicitation
Forum and its directors and executive officers may be considered
participants in the solicitation of proxies with respect to the
business combination. Information about the directors and executive
officers of Forum and a description of their interests in Forum are
set forth in the preliminary proxy statement, which was filed with
the SEC, and will be set forth in the definitive proxy statement,
when it is filed with the SEC, in connection with the proposed
business combination. These documents can be obtained free of
charge from the sources indicated above. 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 are set forth in the
preliminary proxy statement, which was filed with the SEC, and will
be set forth in the definitive proxy statement, when it is filed
with the SEC, in connection with the proposed business combination.
These documents can be obtained free of charge from the sources
indicated above.
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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