Electric Last Mile Solutions shares opened in first trading on Monday on the Nasdaq and added to a growing list of speculative electric-vehicle startups. To make it public through an agreement with a special purpose recruiting company.
The Michigan-based company plans to start producing small commercial vans at its Indiana plant this fall, according to ELMS CEO James Taylor. mid 2000s
The company’s stock – ticker symbol “ELMS” – opened Monday at $11.10 per share after closing at $10.19 earlier. The company’s shares jumped as much as 9.8% before losing most of those gains. It was trading up less than 1% as of around 10:30 AM ET.
Taylor, a former General Motors executive, believes the company is different from other EV startups in that it focuses solely on commercial vehicles. Its electric vans also use cars already made by Chongqing Sokon Industry Group Stock in China.
ELMS Urban Delivery, which is expected to launch later this year. It is expected to be the first Class 1 commercial electric vehicle available in the United States market. and will be manufactured at the company’s plant in Mishawaka, Indiana.
Electric Last Mile Solutions
“We need much less capital. We got to the breakeven point much faster and to be honest. Our plan from day one has been very conservative,” he said during an interview on Monday on CNBC’s “Squawk Box.” EV”
ELMS agreed to go public through a reverse merger with non-monitoring company Forum Merger III Corp. in December. which valued the EV company at $1.4 billion.
when the agreement is announced Investors trust EV start-ups like ELMS, however, that vag has turned into suspicion this year. After SPAC-backed auto companies such as Lordstown Motors and Canoo have changed their business plans and ousted top executives amid a U.S. Securities and Exchange Commission investigation. There is also more competition in the EV market from established automakers such as GM and Ford Motor.
Taylor said ELMS was “very pleased” to receive the cash and close the deal whenever possible. Instead of trying to do it now
“I’m glad we didn’t start SPAC today,” he said. “No question, there are some challenges in a few SPACs.”
The deal brings ELM total revenue of $379 million, including $155 million from private investors such as BNP Paribas Asset Management and Jennison Associates.