In an example of the electric vehicle SPAC wave, Electric Last Mile Inc. is finalizing its merger with Forum Merger III Corp. (NASDAQ: FIII) and will trade with the ELMS ticker symbol starting this month after the companies combine in the first quarter. The pro forma implied equity value of the combined company is about $1.4 billion.
Photo: ELMS
As governments and corporations are pushing to meet electric vehicle mandates, the EV industry is booming with new manufacturers, services, and companies hoping to capture a slice of the market. Most of the investments so far are being generted via SPAC deals, spurring a slew of startups, according to a Yahoo Finance report.
Meanwhile, traditional OEMs are entering the space, vowing to offer only electric vehicles at some time during the 2030s. These are some of the newest players on the block, with expertise ranging from commercial EVs to battery technology and charging stations. The list grows by the week:
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