- The commercial electric vehicle maker is trading now on NASDAQ under the ticker “ELMS.”
- Electric Last Mile completed its merger with special purpose acquisition company Forum Merger III.
- The company’s first vehicle – Class 1 commercial EV Urban Delivery – is expected to be launched later this year.
Electric Last Mile Solutions, Inc. (NASDAQ: ELMS) stock gained around 10 percent when the market opened on Monday. Commercial electric vehicle maker Electric Last Mile started trading on NASDAQ on June 28 following a merger with blank check company Forum Merger III Corporation.
As of 9:41 am ET, the stock was trading at US$11.12, up 9.13 percent.
Electric Last Mile chose to become public through a SPAC route. In December 2020, the company said it plans to become public by combining the business with Forum Merger III Corporation (NASDAQ: FIII, FIIIU, FIIIW).
At the time of the announcement, the company said the combined company will have a valuation of approximately US$1.4 billion. The company expected gross proceeds of US$379 million from the business combination.
Last week, Forum shareholders approved the company plan to combine its business with Electric Last Mile. The combined company has the name Electric Last Mile Solutions Inc. and its stock will trade under the new ticker ELMS.
Foley & Lardner LLP was the legal advisor to Electric Last Mile in the combination.
Electric Last Mile joins electric vehicle makers Lordstown Motors Corp. (NASDAQ:RIDE) and Nikola Corporation (NASDAQ: NKLA) that became public on NASDAQ after merging with special purpose acquisition companies.
Electric Last Mile’s EV plans
Michigan-based Electric Last Mile is expected to launch its cargo van Urban Delivery later this year. Urban Delivery’s production is slated to start in the third quarter this year from its facility in Mishawaka, Indiana.
Urban Delivery, which is anticipated to have approximately 150 miles of range, will be priced at around US$25,000 after federal tax credit. In March, the company said it received over 45,000 non-binding pre-orders for the vehicle.
Meanwhile, Electric Last Mile will unveil the prototype of its second vehicle Urban Utility at the Route Consultant Contractor Expo in July. The all-electric medium-duty cab is estimated to have a range of approximately 250 miles unloaded and could carry a payload of around 5,700 pounds. The Class 3 Urban Utility is scheduled to go for production in the second half of 2022.
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