Are you paying attention to the world of special purpose acquisition companies? If so, you may have noticed that Forum Merger III (NASDAQ:FIII) is surging higher. Why is that? Well, it turns out that FIII stock is riding some electric vehicle news to new heights today.
Importantly, rumors are swirling that Electric Last Mile Solutions, an EV startup, is planning to come public through Forum Merger III. Because Electric Last Mile Solutions flies a little under the radar, InvestorPlace wants to provide you with some fast facts.
If you are excited about the move higher in FIII stock, here are 13 things to know:
- Forum Merger III completed an initial public offering in August 2020.
- At the time, it raised $250 million.
- The company has also said that it is hoping to focus on acquiring a U.S. business worth between $500 million and $2 billion.
- On Thursday, rumors broke that it was in talks to acquire Electric Last Mile Solutions.
- Importantly, Electric Last Mile Solutions, as its name suggests, focuses on electric delivery vehicles for urban use.
- ELMS is based in Michigan, but it operates a factory in Indiana.
- Once it ramps to full production, this factory will be able to produce 100,000 vehicles per year.
- Right now, the main product from ELMS is the Urban Delivery Vehicle.
- This van has 170 cubic feet of cargo capacity and a driving range of 150-200 miles.
- Importantly, ELMS says the Urban Delivery Vehicle can completely charge in two hours.
- ELMS says these vehicles will reduce maintenance costs by as much as 60%.
- For right now, customers can only preorder the Urban Delivery Vehicle.
- Representatives from neither ELMS or Forum Merger III have confirmed the rumors.
Forum Merger III News: Why It Matters
For right now, investors need to remember that the rally in FIII stock is simply on rumors. There is no proof that Electric Last Mile Solutions and Forum Merger III will agree to a reverse merger. However, because of the popularity of electric car stocks, it is unsurprising that FIII stock is climbing 11% today.
Also importantly, there has been a growing interest in last-mile delivery from electric car companies. Workhorse (NASDAQ:WKHS) is similarly attracting attention for its vans, and Arcimoto (NYSE:FUV) is rallying higher today after the city of Orlando agreed to pilot its Deliverator vehicles. We are increasingly seeing customers like the United Parcel Service (NYSE:UPS) and even the U.S. Postal Service move toward electrification.
Essentially, that means that if the rumors do pan out, Forum Merger III could continue to soar. Keep an eye on the news and do your own research on Electric Last Mile Solutions.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer for InvestorPlace.com.