Electric Last Mile, a quite obscure electric vehicle startup based out of Auburn Hills, Michigan, is in discussions to go public through a merger with blank-check firm Forum Merger III Corp, according to a report [paywalled] by Bloomberg that cites “people with knowledge of the matter”.

Forum Merger III is a blank-check firm that raised $250 million in its debut on the Nasdaq Stock Exchange this August. The firm is chaired by co-chief executive officers Marshall Kiev and David Boris who have together debuted three blank-check firms under the ‘Forum Merger’ name. Forum Merger III happens to be their third blank-check firm and is now said to have seen a merger target in Electric Last Mile.

According to Bloomberg, Forum Merger III is in talks to raise even more equity to fund a merger with Electric Last Mile as is often the case with other blank-check firms when they find merger targets.

Electric Last Mile is a quite obscure electric vehicle startup that’s based in the state of Michigan. The company has come up with an electric cargo delivery van concept but doesn’t seem to have begun production yet. 

Notably, Electric Last Mile was founded by Jason Luo, the former head of Ford’s China business. The company has secured a 675,000-square-foot plant in the state of Indiana that’s optimized for electric vehicle production, according to its website. 

Electric Last Mile’s electrified cargo van concept can fit 170 cubic feet of cargo and can charge in two hours for a range of between 150 to 200 miles, according to its website. A merger between the company and a blank-check firm although not yet confirmed will mark just the latest for an electric vehicle company.

Just yesterday, another electric vehicle startup, the UK-based Arrival, sealed a deal to merge with a blank-check firm and take in $660 million in cash to fund its operations as a result. It placed Arrival as the latest electric car startup to reach such a deal, joining others such as Canoo, Lordstown Motors, and XL Fleet.

Photo credit: Electric Last Mile

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