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<blockquote data-quote="Weather Man" data-source="post: 16539776" data-attributes="member: 137766"><p><span style="font-size: 22px"><strong>EV Company Electric Last Mile to go public through merger with Forum Merger III at $1.4B valuation</strong></span></p><p>Dec. 11, 2020 7:21 AM ET<a href="https://seekingalpha.com/symbol/FIIIU?source=content_type%3Areact%7Cfirst_level_url%3Anews%7Csection%3Amain_content%7Csection_asset%3Ameta%7Csymbol%3AFIIIU" target="_blank">Forum Merger III Corporation Units (FIIIU)</a><a href="https://seekingalpha.com/user/32439325/profile?source=content_type%3Areact%7Cfirst_level_url%3Anews%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cbutton%3Aauthor_name" target="_blank">By: Niloofer Shaikh</a>, SA News Editor</p><ul> <li data-xf-list-type="ul">Electric Last Mile (ELMS) to <a href="https://seekingalpha.com/pr/18119463-ev-company-electric-last-mile-to-list-on-nasdaq-through-merger-forum-merger-iii-corporation?source=content_type%3Areact%7Cfirst_level_url%3Anews%7Csection%3Amain_content%7Cbutton%3Abody_link" target="_blank">combine</a> with Forum Merger III Corporation (NASDAQ:<a href="https://seekingalpha.com/symbol/FIIIU?source=content_type%3Areact%7Cfirst_level_url%3Anews%7Csection%3Amain_content%7Cbutton%3Abody_link" target="_blank">FIIIU</a>) at ~$1.4B pro forma valuation.</li> <li data-xf-list-type="ul">ELMS has a 675K square foot production plant in Indiana with a capacity to produce 100K vehicles annually.</li> <li data-xf-list-type="ul">Upon closing of the transaction in 1Q2021, the combined company will be named Electric Last Mile Solutions and will trade on Nasdaq under the new ticker symbol 'ELMS'.</li> <li data-xf-list-type="ul">ELMS expects to launch its Urban Delivery van as the first electric Class 1 commercial vehicle in the U.S., with the expected lowest total cost of ownership in 3Q21.[ATTACH=full]1677241[/ATTACH]</li> <li data-xf-list-type="ul">To date, ELMS has over 30,000 pre-orders from customers including leading brands and some of the largest fleet managers and dealers in the country.</li> <li data-xf-list-type="ul">“David Boris, Co-Chief Executive Officer and CFO of Forum III said, "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 $1B 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.”</li> <li data-xf-list-type="ul">Transaction supported by ~$155M in fully committed PIPE and related financing anchored by institutional investors including BNP Paribas Asset Management Energy Transition Fund and Jennison Associates LLC and ~$379M of gross proceeds expected from the transaction to be used to fund operations and growth.[ATTACH=full]1677242[/ATTACH]</li> <li data-xf-list-type="ul">Pro forma ownership post merger: ~66.7% existing shareholders, ~17.6% public shareholders of Forum Merger III Corp, ~4.8% Forum Merger III Corp sponsors, ~10.9% PIPE investors:[ATTACH=full]1677243[/ATTACH]</li> </ul></blockquote><p></p>
[QUOTE="Weather Man, post: 16539776, member: 137766"] [size=6][b]EV Company Electric Last Mile to go public through merger with Forum Merger III at $1.4B valuation[/b][/size] Dec. 11, 2020 7:21 AM ET[URL='https://seekingalpha.com/symbol/FIIIU?source=content_type%3Areact%7Cfirst_level_url%3Anews%7Csection%3Amain_content%7Csection_asset%3Ameta%7Csymbol%3AFIIIU']Forum Merger III Corporation Units (FIIIU)[/URL][URL='https://seekingalpha.com/user/32439325/profile?source=content_type%3Areact%7Cfirst_level_url%3Anews%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cbutton%3Aauthor_name']By: Niloofer Shaikh[/URL], SA News Editor [LIST] [*]Electric Last Mile (ELMS) to [URL='https://seekingalpha.com/pr/18119463-ev-company-electric-last-mile-to-list-on-nasdaq-through-merger-forum-merger-iii-corporation?source=content_type%3Areact%7Cfirst_level_url%3Anews%7Csection%3Amain_content%7Cbutton%3Abody_link']combine[/URL] with Forum Merger III Corporation (NASDAQ:[URL='https://seekingalpha.com/symbol/FIIIU?source=content_type%3Areact%7Cfirst_level_url%3Anews%7Csection%3Amain_content%7Cbutton%3Abody_link']FIIIU[/URL]) at ~$1.4B pro forma valuation. [*]ELMS has a 675K square foot production plant in Indiana with a capacity to produce 100K vehicles annually. [*]Upon closing of the transaction in 1Q2021, the combined company will be named Electric Last Mile Solutions and will trade on Nasdaq under the new ticker symbol 'ELMS'. [*]ELMS expects to launch its Urban Delivery van as the first electric Class 1 commercial vehicle in the U.S., with the expected lowest total cost of ownership in 3Q21.[ATTACH=full]1677241[/ATTACH] [*]To date, ELMS has over 30,000 pre-orders from customers including leading brands and some of the largest fleet managers and dealers in the country. [*]“David Boris, Co-Chief Executive Officer and CFO of Forum III said, "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 $1B 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.” [*]Transaction supported by ~$155M in fully committed PIPE and related financing anchored by institutional investors including BNP Paribas Asset Management Energy Transition Fund and Jennison Associates LLC and ~$379M of gross proceeds expected from the transaction to be used to fund operations and growth.[ATTACH=full]1677242[/ATTACH] [*]Pro forma ownership post merger: ~66.7% existing shareholders, ~17.6% public shareholders of Forum Merger III Corp, ~4.8% Forum Merger III Corp sponsors, ~10.9% PIPE investors:[ATTACH=full]1677243[/ATTACH] [/LIST] [/QUOTE]
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