Electric Last Mile and Forum Merger III announced today that they have entered into a definitive agreement for a business combination that is expected to close in the first quarter of 2021. The combined company will list on the Nasdaq under “ELMS.”
The transaction reflects a pro forma implied equity value for the combined company of approximately $1.4 billion. The purchase includes the support of $155 million in a fully committed PIPE.
Based in Detroit, the target company designs, manufactures and customizes electric, connected last-mile delivery vehicles. Read more.
