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Electric delivery van company Electric Last Mile is set to go public through a SPAC merger with Forum Merger III Corporation.
The SPAC Deal: Electric Last Mile will merge with Forum Merger III Corporation (NASDAQ:FIII). The deal values the company at $1.4 billion.
Forum Merger III shareholders will own 17.6% of the new company. Electric Last Mile will trade under the ticker "ELMS" on the NASDAQ.
About Electric Last Mile: The Electric Last Mile team includes founder and chairman Jason Luo, who was previously the chairman and CEO of Ford Motor Company’s (NYSE:F) China business. Founder and CEO James Taylor worked for General Motors Company (NYSE:GM) for more than 30 years, holding roles that included president of Cadillac and CEO of Hummer. Taylor is also the former chairman and CEO of Workhorse Group (NASDAQ:WKHS).
Related Link: Lion Electric Announces SPAC Deal With Northern Genesis: What Investors Need To Know
The Commercial Vehicle Market: Electric Last Mile is set to launch the Urban Delivery Van in the third quarter of 2021. This could be the first electric Class I commercial vehicle to come to market.
The vehicle will have the same price as gas vehicles and also have 20% more cargo space, which could make it attractive to delivery companies.
The company has over 30,000 pe-orders from customers, which include leading brands and some of the largest fleet managers in the country. The orders represent over $1 billion in revenue.
Electric Last Mile named Walmart Inc (NYSE:WMT), FedEx Corporation (NYSE:FDX), Ryder System (NYSE:R), Ikea,
Penske Automotive Group, Inc. (NYSE:PAG) and Hertz Global Holdings Inc (OTC:HTZGQ) as customers.
The company is using a former Hummer plant in Indiana that has been retrofitted for electric vehicle production.
Electric Last Mile said they have first-mover advantage in the last-mile segment.
The North American e-commerce market has grown to $1 trillion and created a need for new, low-cost Class I vehicles, according to the company.
Electric Last Mile Financials: The company expects to have revenue of $122 million in fiscal 2021 and $613 million in fiscal 2022. Electric Last Mile sees revenue growing at a compounded annual growth rate of 123% from 2021 to 2025, hitting a total of $3 billion by 2025.
Units sold are seen growing from 4,000 to 83,000 by the year 2025.
Future Growth: The company is planning on launching a Class 2/3 Urban Utility Van in 2022. This product would compete with Workhorse, Amazon.com (NASDAQ:AMZN) Rivian and Ford.
In 2023, Electric Last Mile is planning on launching a new vehicle for the China and European markets.
FIII Price Action: Shares of Forum Merger III were trading 12.69% higher at $13.22 at last check Friday.
Courtesy photo.