Electric Last Mile in Auburn Hills to Launch Urban Delivery Van

Electric Last Mile Solutions Inc. van
Electric Last Mile has entered into an agreement with Forum Merger III Corp. that would make Electric a publicly listed company. Pictured is the Urban Delivery van.  Photo courtesy of Electric Last Mile Solutions Inc.

Electric Last Mile Inc. in Auburn Hills has entered into a definitive agreement for a business combination with Forum Merger III Corp. in Florida that would result in Electric becoming a publicly listed company.

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

The transaction reflects a pro forma implied equity value of the combined company of about $1.4 billion at a $10 per share price and assuming no redemptions by Forum shareholders.

Following the combination, the company expects to launch its Urban Delivery van in the third quarter of 2021. To date, ELMS has more than 30,000 pre-orders from customers including leading brands and some of the largest fleet managers and dealers in the country.

“The demand for cost effective solutions to support the e-commerce ecosystem is overwhelming,” says James Taylor, CEO of Electric. “This industry promises rewards to first movers who can deliver value-driven solutions.

“ELMS is solely focused on the commercial vehicle market. Our products are designed to provide the most cost-effective, reliable, and customized solutions for the last mile delivery of goods and services. ELMS is jumping the curve with proven technology and a production advantage, and this merger with Forum further accelerates our go-to-market plan and our expected market leadership position.”

The Electric management team combines executive experience from General Motors Co., Workhorse, Fiat Chrysler Automobiles, BMW, Key Safety Systems, and other OEMs and Tier 1 manufacturers. Electric plans to produce its Urban Delivery van in Indiana at an electric vehicle production-ready manufacturing plant.

“Forum is very excited to partner with Electric Last Mile, bringing to market an electric vehicle company to transform last mile delivery and mobility networks,” says David Boris, co-CEO and CFO of Forum III. “Upon the closing of the business combination, ELMS will have in place a product based on a proven, top-selling platform as well as a U.S. plant with significant capacity.

“In addition, the experienced management team has already generated substantial pre-orders representing over $1 billion in anticipated revenues. With the investment from Forum III and other investors, ELMS will be fully funded to launch its initial products and serve the growing demand for delivery vehicles. We look forward to working with the ELMS team to build an industry leading electric vehicle company.”

Forum Merger III Corp. is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.