As electric vehicle maker Electric Last Mile Solutions Inc. prepares to go public through a reverse merger, it will move its headquarters to Troy, Mich., from Auburn Hills., Mich.
Electric Last Mile will occupy 31,000 square feet of space in the building, which includes a 15,000-square-foot prototype lab, the company said in a press release. The company did not immediately respond to emails about the exact location of the building. It's unclear when the company will move out of its current headquarters at 2851 High Meadow Circle in Auburn Hills.
The company will build initial battery pack and electric motor prototypes as well as complete preproduction vehicles at the location, the company said in the release. Electric Last Mile also plans to open additional offices in California and other locations in proximity to engineering and electrical vehicle development hubs.
In December, Electric Last Mile announced plans to go public through a reverse merger with special-purpose acquistion company Forum Merger III Corp. in a deal that values the startup at $1.4 billion.
The deal provides $379 million in gross proceeds to Electric Last Mile with $155 million coming from private investors BNP Paribas Asset Management Energy Transition Fund and Jennison Associates LLC, the company said in a press release.
The deal for Electric Last Mile is expected to close in the first quarter of 2021 and Electric Mile will be listed on the NASDAQ under the ticker ELMS.