Electric Last Mile goes public via SPAC merger
Summary
"Were gonna park in Detroit and kind of defy tradition and prove that we dont have to go to California to fire up a brand new EV company to be successful," Taylor, a longtime auto executive, told Crains in an early June interview. In the run-up to closing the merger in the last several days, ELM has announced a slew of new hires as it aims to ramp up production. ELM, then based in Auburn Hills, announced its $1.4 billion plan to go public via a merger in December as SPAC deals were continuing at a break-neck pace. Many of the companies that have merged with SPACs have been criticized for sluggish performance, and regulators are examining the mechanism as a whole and eying protections for everyday investors, according to a CNBC report last month. The company said earlier this month that it did not have any binding purchase orders or commitments from customers, according to a Reuters report.