Forum Merger III Corp. (NASDAQ:FIII) announced in a press release that its shareholders approved its combination with electric vehicle (EV) company Electric Last Mile Inc., at a special meeting earlier today.
Approximately 99% of the votes cast, representing approximately 67% of Forum’s outstanding shares as of the record date for the meeting, voted to approve the business combination with ELMS. The combined company will be named Electric Last Mile Solutions Inc., and the transaction is expected to close tomorrow June 25. Its shares and warrants will start trading on the Nasdaq under the symbol “ELMS” and “ELMSW”, respectively, on June 28.
ELMS today also announced that Jonathan Ballon will be appointed as the Chief Digital Officer, a newly created role ahead of the merger. The company’s optimistic outlook on the deal can be seen with its eight new additions to its leadership team earlier this week and the recent reveal of its medium-duty cab forward truck called the Urban Utility.
Earlier this week, Forum Merger III’s management team bought an additional 500,000 shares, or $4.9 million, of Forum’s common stock ahead of the business combination solidifying its confidence in the deal. However, FIII fell by 1.87% to $9.99, just below its trust value, following today’s meeting.
The parties initially announced the $1.4 billion deal on December 11. Electric Last Mile provides a vertically-integrated approach to designing, manufacturing and customizing electric, connected last mile delivery vehicles.
- Jefferies LLC is serving as exclusive financial advisor to Forum.
- White & Case LLP is serving as legal advisor to Forum
- Jefferies LLC is serving as placement agent on the PIPE offering.
- Foley & Lardner LLP is serving as legal advisor to ELMS.