Foley & Lardner advised Electric Last Mile Inc. on its merger with a special purpose acquisition company, which paved the way for the plug-in delivery van startup’s recent public listing.
White & Case advised the SPAC, Forum Merger III Corp. No financial details were disclosed for the transaction, approved by Forum’s shareholders at a special June 24 meeting, according to a statement.
The combined company, based in Troy, Mich., became listed on the Nasdaq Stock Exchange June 28 under the ticker symbol “ELMS.”
ELMS said later this year it plans to begin producing urban delivery vehicles at its recently acquired plant in Mishawaka, Ind., that will have a range of around 150 miles. It also has plans to produce an all-electric medium duty cab truck.
“ELMS is uniquely positioned to capitalize on the growing, $1 trillion North American e-commerce market,” said David Boris, former co-CEO and chief financial officer of Forum III and now director of ELMS. The company will “redefine the last mile of delivery with more efficient and lower cost EV solutions.”