Electric Last Mile, Inc. and Forum Merger III Corporation (Nasdaq: FIII, FIIIU, FIIIW) have successfully completed their business combination, approved by stockholders on June 24, 2021. As a result, Electric Last Mile Solutions, Inc. (ELMS) is now publicly traded, with common stock and warrants starting to trade on Nasdaq under the symbols 'ELMS' and 'ELMSW' from June 28, 2021. The Urban Delivery, ELMS's first Class 1 commercial electric vehicle, is set to launch later this year, aiming for a 150-mile range and customizable solutions for fleets.
Forum Merger III Corporation (Nasdaq: FIII, FIIIU, FIIIW) announced that its stockholders approved the business combination with Electric Last Mile, Inc. (ELMS). At a special meeting, about 99% of votes cast, representing approximately 67% of outstanding shares, supported the merger. The closing is expected on June 25, 2021, pending customary conditions. Post-merger, the combined entity will be named Electric Last Mile Solutions, Inc., trading under ticker symbols ELMS and ELMSW starting June 28, 2021. Co-CEOs expressed optimism regarding this strategic partnership.
Forum Merger III Corporation (Nasdaq: FIII, FIIIU, FIIIW) announced its management team purchased approximately $4.9 million in common stock, acquiring 500,000 shares, ahead of a merger with Electric Last Mile, Inc. (ELMS). The investment signals confidence in ELMS as a leader in the commercial electric vehicle sector. A special meeting to approve the business combination will occur on June 24, 2021, with the new entity named Electric Last Mile Solutions, Inc. if approved. Forum focuses on mergers with U.S.-based companies valued between $500 million and $2 billion.