\nForum Merger III Corporation (Nasdaq: FIII, FIIIU, FIIIW) (\u201cForum\u201d or the \u201cCompany\u201d) and Electric Last Mile, Inc. (\u201cELMS\u201d) today announced that Forum\u2019s management team purchased approximately $4.9 million, or 500,000 shares, of Forum\u2019s common stock on the open market.\n<\/p>\n
\n\u201cThis additional investment in Forum ahead of our business combination with Electric Last Mile, Inc. is a testament to our confidence in ELMS\u2019 future as a leader in the commercial electric vehicle industry,\u201d said a member of the Forum management team. \u201cWith 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.\u201d\n<\/p>\n
\nForum will hold a special meeting of its stockholders on June 24,2021 to approve its proposed business combination with ELMS. If the business combination is approved, the combined company will be named Electric Last Mile Solutions, Inc. and the common stock of Electric Last Mile Solutions, Inc. will continue to be listed on the Nasdaq Capital Market under the new ticker symbol \u201cELMS.\u201d\n<\/p>\n
About Forum Merger III Corporation<\/b><\/p>\n
\nForum Merger III Corporation (NASDAQ: FIII, FIIIU, FIIIW) is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Forum\u2019s mandate is to consider an initial business combination target in any business or industry and it focused its search on companies with an aggregate enterprise value of approximately $500 million to $2 billion that are based in the United States. Forum is led by Co-Chief Executive Officers Marshall Kiev and David Boris.\n<\/p>\n
About Electric Last Mile, Inc.<\/b><\/p>\n
\nELMS is focused on redefining the last mile with efficient, connected and customizable solutions. ELMS\u2019 first vehicle, the Urban Delivery, is anticipated to be the first Class 1 commercial electric vehicle in the U.S. market. The company is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com<\/a> or Twitter @ELMSolutions.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release includes \u201cforward-looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. Forum Merger III Corporation\u2019s (\u201cForum\u201d) and ELMS\u2019s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as \u201cexpect,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cbudget,\u201d \u201cforecast,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cbelieves,\u201d \u201cpredicts,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Forum\u2019s and ELMS\u2019s expectations with respect to future performance and anticipated financial impacts of the previously announced business combination of Forum and ELMS (the \u201cbusiness combination\u201d), the satisfaction of the closing conditions to the business combination, the size, demands and growth potential of the markets for ELMS\u2019s products and ELMS\u2019s ability to serve those markets, ELMS\u2019s ability to develop innovative products and compete with other companies engaged in the commercial delivery vehicle industry and\/or the electric vehicle industry, ELMS\u2019s ability to attract and retain customers, the estimated go to market timing and cost for ELMS\u2019s products, the implied valuation of ELMS and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Forum\u2019s and ELMS\u2019s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement and plan of merger (\u201cMerger Agreement\u201d) relating to the business combination or could otherwise cause the business combination to fail to close; (2) the inability of ELMS to consummate the Carveout Transaction (as defined below); (3) the outcome of any legal proceedings that may be instituted against Forum or ELMS following the announcement of the business combination; (4) the inability to complete the business combination, including due to failure to obtain approval of the stockholders of Forum or other conditions to closing in the Merger Agreement; (5) the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the business combination; (6) the inability to obtain the listing of the common stock of the post-acquisition company on the Nasdaq Stock Market or any alternative national securities exchange following the business combination; (7) the risk that the announcement and consummation of the business combination disrupts current plans and operations; (8) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the business combination; (10) changes in applicable laws or regulations; (11) the possibility that ELMS may be adversely affected by other economic, business, and\/or competitive factors; (12) the impact of COVID-19 on the combined company\u2019s business; and (13) other risks and uncertainties indicated from time to time in the proxy statement filed relating to the business combination, including those under the \u201cRisk Factors\u201d section therein, and in Forum\u2019s other filings with the SEC. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that Forum and ELMS consider immaterial or which are unknown. Forum and ELMS caution that the foregoing list of factors is not exclusive. Forum and ELMS caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. ELMS is currently engaged in limited operations only and its ability to carry out its business plans and strategies in the future are contingent upon the closing of the business combination. The consummation of the business combination is subject to, among other conditions, (i) the effectiveness of certain agreements between ELMS and SF Motors, Inc. (d\/b\/a SERES) (\u201cSERES\u201d), (ii) the acquisition by ELMS of a leasehold interest in, or fee simple title to, the Indiana manufacturing facility prior to the business combination (provided that Forum has agreed that this condition will be waived upon delivery by ELMS of evidence of the mutual written agreement of ELMS and SERES as to the date and time of the transfer of possession of the facility to ELMS, which date and time shall be no later than two business days following the closing of the business combination), and (iii) the securing by ELMS of key intellectual property rights related to its proposed business (collectively, the \u201cCarveout Transaction\u201d). All statements herein regarding ELMS\u2019s anticipated business assume the completion of the Carveout Transaction. Forum and ELMS do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.\n<\/p>\n Important Information About the Business Combination and Where to Find It <\/b><\/p>\n \nIn connection with the business combination, Forum filed a definitive proxy statement with the U.S. Securities and Exchange Commission (\u201cSEC\u201d). Forum\u2019s stockholders and other interested persons are advised to read the definitive proxy statement in connection with Forum\u2019s solicitation of proxies for the Special Meeting to be held to approve, among other things, the business combination, because these documents contain important information about Forum, ELMS and the business combination. The definitive proxy statement for the business combination was mailed to stockholders of Forum as the Record Date. Forum\u2019s stockholders may also obtain a copy of the definitive proxy statement, as well as other documents filed with the SEC by Forum, without charge, at the SEC\u2019s website located at www.sec.gov<\/a> or by directing a request to: Forum Merger III Corporation, 1615 South Congress Avenue, Suite 103, Delray Beach, FL 33445. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.\n<\/p>\n Participants in the Solicitation<\/b><\/p>\n \nForum and its directors and executive officers may be considered participants in the solicitation of proxies with respect to the business combination. Information about the directors and executive officers of Forum and a description of their interests in Forum are set forth in the definitive proxy statement, which was filed with the SEC, in connection with the proposed business combination. These documents can be obtained free of charge from the sources indicated above. ELMS and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Forum in connection with the business combination. A list of the names of such directors and executive officers and information regarding their interests in the business combination are set forth in the definitive proxy statement, which was filed with the SEC, in connection with the proposed business combination. These documents can be obtained free of charge from the sources indicated above.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210621005789\/en\/<\/a><\/span><\/p>\n \nFor Forum Merger III Corporation \nFor Electric Last Mile, Inc. KEYWORDS:<\/b> United States North America Florida Michigan<\/p>\n INDUSTRY KEYWORDS:<\/b> Professional Services Automotive General Automotive Alternative Energy Energy Finance Alternative Vehicles\/Fuels<\/p>\n<\/p>\n
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investors@forummerger.com<\/a><\/strong><\/p>\n
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Media: elms-svc@sardverb.com
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Investors: IR@electriclastmile.com<\/a><\/strong><\/p>\n
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