Electric commercial vehicle maker to go public in SPAC deal with $1.4 billion valuation

An Electric Last Mile Solutions UD-1 electric commercial van is seen in Auburn Hills, Michigan, U.S., in this undated photo. REUTERS/Ben Klayman

DETROIT (Reuters) - Electric Last Mile Solutions (ELMS) said on Friday it has agreed to go public through a reverse merger with blank-check company Forum Merger III Corp in a deal that values the U.S. electric commercial vehicle maker at $1.4 billion.

The deal will provide ELMS with $379 million in gross proceeds, including $155 million from such private investors as BNP Paribas Asset Management and Jennison Associates. It is expected to close in the first quarter and the company will trade on Nasdaq under the symbol "ELMS."