Forum Merger III: Up on deal to take electric commercial vehicle maker public

Electric Last Mile Solutions

11/12/2020 12:48

** Shares of special purpose acquisition co (SPAC) Forum
Merger III Corp  FIII.O  up 9.46% at $12.84 premarket
    ** Co will take electric commercial vehicle maker Electric
Last Mile Solutions (ELMS) public through a reverse merger
 urn:newsml:reuters.com:*:nL1N2I43DU
    ** Deal values ELMS at $1.4 bln; gross proceeds to ELMS will
be $379 mln
    ** ELMS plans to launch UD1, small Class 1 delivery van, in
Q3 2021 and larger Class 3 truck in late 2022
    ** Combined co will be known as Electric Last Mile Solutions
and will continue to be listed in Nasdaq under new symbol "ELMS"
    ** A SPAC is a shell co that raises money through an initial
public offering of its shares to buy another firm within a span
of two years

 (Reporting by Sohini Podder in Bengalurur)
 ((Sohini.Podder@thomsonreuters.com;))