Forum Merger III Adds 16% Following Merger News

By RTTNews Staff Writer   ✉   | Published:

Shares of special purpose acquisition company Forum Merger III Corporation (FIII) are rising more than 16% Friday morning after it agreed with electric vehicle company Electric Last Mile, Inc. for a business combination, that will lead to ELMS becoming a public listed company.

The stock touched a new high of $14.75 this morning.

Upon closing of the transaction, which is expected to be in the first quarter of 2021, the combined company will be named Electric Last Mile Solutions, Inc. and will continue to be listed on the Nasdaq Capital Market under the new ticker symbol, "ELMS."

The pro forma implied equity value for the combined company will be approximately $1.4 billion.

Following the transaction, ELMS expects to launch its Urban Delivery van as the first electric Class 1 commercial vehicle in the U.S. in the third quarter of 2021.

About $379 million gross proceeds are expected from the transaction which is sufficient to fund initial product launches.

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