Electric vehicle company Electric Last Mile Inc. has agreed to go public via a merger with special purpose acquisition corporation (SPAC) Forum Merger III Corp.
Once the deal closes, the combined company will be renamed Electric Last Mile Solutions Inc. and will trade on Nasdaq under the ticker “ELMS.” The deal has a pro forma implied equity value of about $1.4 billion and is expected to close in the first quarter of 2021. The new company is expecting to launch its Urban Delivery van as the first electric Class 1 commercial vehicle in the U.S. in the third quarter of 2021. The company is expecting the vehicle to have the lowest total cost of ownership. The company has more than 30,000 pre-orders from customers, including some of the biggest fleet managers and dealers in the country, it said in a statement. Forum Merger shares were halted premarket for the news.