Shares of Electric Last Mile Systems (NASDAQ: ELMS) jumped as much as 10% in early morning trading on Monday after the electric vehicle maker made its public trading debut following its merger with special purpose acquisition company (SPAC) Forum Merger III Corp.
Despite the early jump, though, the stock quickly dropped to $10.42 per share in late Monday morning trading. The stock opened at $11.10 per share. It was expected to have a valuation of about $1.4 billion at open. Forum Merger III,...