FIII - Hugely bullish news today after-hours with the announcement that the Forum III SPAC mgmt team bought 500k shares on open mkt today, or $4.9M, in support of its merger-target ELMS (Electric Last Mile Solutions).
ELMS announced news this a.m. about its next project: an all-EV Class 3 truck-cabin, slated for production in 2022, and reconfirmed that their more immediate production of the Class 1 Urban Delivery van is on track for later this year (2021).
The merger vote finishes on June 24, and the ELMS Urban Delivery EV van is said to start production in mid-Sept., according to some recent messages from mgmt.
From the AH news about 500k share purchase today on the open market:
“This additional investment [$4.9M] in Forum ahead of our business combination with Electric Last Mile, Inc. is a testament to our confidence in ELMS’ future as a leader in the commercial electric vehicle industry,” said a member of the Forum management team. “With an expected first-mover advantage and seasoned leadership team, we believe ELMS is strongly positioned to redefine the last mile industry and we look forward to supporting their efforts. As we approach the close of the business combination, we continue to be excited for the future of ELMS.”
