The ELMS Urban Delivery is Anticipated to be the First Class 1 Commercial Electric Vehicle in the U.S. with Production Scheduled for Later this Year
TROY, Mich. – Electric Last Mile Solutions, Inc. (“ELMS” or “the Company”), a pure-play commercial EV company focused on redefining productivity for the last mile, today announced that shares of its common stock and warrants will begin trading on The Nasdaq Stock Market today under the new ticker symbols “ELMS” and “ELMSW”, respectively. This follows the completion of the Company’s previously announced business combination with Forum Merger III Corporation (“Forum” or “Forum III”), a special purpose acquisition company. Forum shareholders approved the combination at a special meeting held on June 24, 2021.
“Today is an important achievement for ELMS and a significant milestone in our mission to transform last mile productivity for our customers with efficient, sustainable and connected e-mobility workstations intended to improve their bottom line,” said Jim Taylor, Co-Founder and CEO of ELMS. “We are focused on execution to launch the Urban Delivery, which we anticipate will be a first-mover in the Class 1 commercial electric vehicle segment. As a public company, we believe we now have all the pieces in place to launch the Urban Delivery later this year and are excited to help position America as the leader in EV manufacturing.”
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David Boris, former Co-CEO and CFO of Forum III and now Director of ELMS, commented, “ELMS is uniquely positioned to capitalize on the growing, $1 trillion North American ecommerce market and redefine the last mile of delivery with more efficient and lower cost EV solutions. As a public company, ELMS will have the platform and access to capital to accelerate its growth and innovation and become a critical partner to commercial fleet operators around the country. I look forward to seeing the ELMS team build an industry-leading electric vehicle company and transform last mile delivery and mobility networks.”
ELMS’ Nasdaq listing builds on the momentum the Company has generated over the past several months, including collaborations with industry leaders such as Randy Marion Automotive Group, Cox Automotive Inc. and Geotab Inc. ELMS also recently announced the addition of its first Chief Digital Officer, who will be responsible for advancing the development of the Company’s digital and connectivity solutions for commercial fleet customers.
The ELMS Urban Delivery, anticipated to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the U.S. market and will be produced at the Company’s recently acquired facility in Mishawaka, Indiana. The Urban Delivery is anticipated to have a range of approximately 150 miles and is also expected to come with a suite of connectivity and productivity solutions, including over-the-air updates. As part of its integrated business model, ELMS also plans to offer upfitting solutions to customize the Urban Delivery to fleets’ individual end-use cases.
ELMS also recently announced plans to reveal a working prototype of its second vehicle, the Urban Utility, an all-electric medium duty cab forward truck, later this summer.