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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.
Independent proxy advisory firm Glass Lewis has recommended that Forum stockholders vote “FOR” the business combination with Electric Last Mile. All stockholders as of May 20, 2021, should vote before the deadline on June 23, 2021. The Special Meeting is scheduled for June 24, 2021, where the business combination could lead to Electric Last Mile becoming a publicly listed entity on Nasdaq under the ticker “ELMS.” The combination aims to facilitate Electric Last Mile's market entry with its first Class 1 commercial electric vehicle.
Forum Merger III Corporation (Nasdaq: FIIIU) announced that starting September 21, 2020, holders of its IPO units can separately trade shares of its Class A common stock and warrants. The shares will trade under the symbols 'FIII' and 'FIIIW,' while unseparated units continue under 'FIIIU.' The IPO involved 25 million units, with Jefferies LLC as the sole book-running manager. This announcement comes following the SEC's effective declaration of the registration statement on August 18, 2020.
Forum Merger III Corporation (Nasdaq: FIIIU) completed its initial public offering (IPO) on August 21, 2020, raising $250 million by selling 25,000,000 units at $10.00 each. These units, trading under the ticker symbol FIIIU, comprise one share of Class A common stock and one-third of a redeemable warrant. The Company aims to pursue merger opportunities with U.S. businesses valued between $500 million and $2 billion. Jefferies LLC served as the sole bookrunning manager and has a 45-day option for additional unit purchases of up to 3,750,000 units.
Forum Merger III Corporation has priced its initial public offering at $10.00 per unit, totaling 25,000,000 units, which will begin trading on Nasdaq under the ticker symbol FIIIU on August 19, 2020. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant, with the warrants exercisable at $11.50 per share. The offering is set to close on August 21, 2020. This blank check company aims to engage in mergers or acquisitions, focusing on businesses valued between $500 million to $2 billion.
