Forum Merger III stockholders overwhelmingly approved the SPAC’s business combination with EV maker Electric Last Mile.
The SPAC said approximately 99% of the votes cast were in support of the deal.
Announced in December, the transaction reflects a pro forma implied equity value for the combined company of approximately $1.4 billion. The purchase includes the support of a $155 million PIPE.
The transaction is expected to close today.
The combined company will be renamed Electric Last Mile Solutions. Common stock and warrants are expected to begin trading June 28 on the Nasdaq under ELMS and ELMSW” respectively.
Based in Detroit, the acquired company designs, manufactures and customizes electric, connected last-mile delivery vehicles. Read more.
