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Electric Last Mile is the latest speculative EV company to go public

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Shares of Electric Last Mile Solutions popped on their trading debut Monday on the Nasdaq, adding to a growing list of speculative electric vehicle start-up companies to go public through deals with special purpose acquisition companies.

The Michigan-based company plans to begin production of a small electric commercial van at a factory in Indiana this fall, according to ELMS CEO James Taylor. The plant last produced gas-guzzling Hummer SUVs in the mid-2000s.

Shares of the company – ticker symbol “ELMS” – opened Monday at $11.10 a share after previously closing of $10.19. Its shares jumped by as much as 9.8% before losing most of those gains. It was trading up by less than 1% at about…



Source cnbc.com

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