Jason Luo - Jun 25, 2021 Form 3 Insider Report for Electric Last Mile Solutions, Inc. (ELMSQ)

Role: Executive Chairman & President, Director, 10%+ Owner
Signature: /s/ Benjamin Wu, attorney-in-fact for Jason Luo
Stock symbol: ELMSQ
Transactions as of: Jun 25, 2021
Transactions value $: $0
Form type: 3
Date filed: 6/29/2021, 05:25 PM
Next filing: Sep 1, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	ELMSQ	Convertible Note							Jun 25, 2021	Common Stock	233,939		by AJ Capital Investment, LLC	F1, F2

Explanation of Responses:

Id	Content
F1	On December 10, 2020, Electric Last Mile, Inc. ("ELM") entered into a $2,125,000 ELM Convertible Note with AJ Capital Investment, LLC. The reporting person is the beneficial owner of the ELM Convertible Note issued to AJ Capital Investment, LLC. Pursuant to the terms of the Convertible Note, upon the closing of the transaction contemplated pursuant to the Agreement and Plan of Merger, dated as of December 10, 2020, by and among Forum Merger III Corporation ("Forum") (upon consummation of the business combination, the surviving "Issuer" is renamed "Electric Last Mile Solutions, Inc."), ELMS Merger Corp., a wholly owned subsidiary of Forum, and ELM, as amended, the Convertible Note will be converted into shares of common stock of Electric Last Mile Solutions, Inc.
F2	The reporting person is the sole member of AJ Capital Investment, LLC and as such has sole voting and investment power with respect to the common stock held by this entity.

Content

On December 10, 2020, Electric Last Mile, Inc. ("ELM") entered into a $2,125,000 ELM Convertible Note with AJ Capital Investment, LLC. The reporting person is the beneficial owner of the ELM Convertible Note issued to AJ Capital Investment, LLC. Pursuant to the terms of the Convertible Note, upon the closing of the transaction contemplated pursuant to the Agreement and Plan of Merger, dated as of December 10, 2020, by and among Forum Merger III Corporation ("Forum") (upon consummation of the business combination, the surviving "Issuer" is renamed "Electric Last Mile Solutions, Inc."), ELMS Merger Corp., a wholly owned subsidiary of Forum, and ELM, as amended, the Convertible Note will be converted into shares of common stock of Electric Last Mile Solutions, Inc.

The reporting person is the sole member of AJ Capital Investment, LLC and as such has sole voting and investment power with respect to the common stock held by this entity.