The special purpose acquisition company (SPAC) sponsored by affiliates of The Gores Group, LLC and Guggenheim Capital, LLC reminded on Thursday its stockholders and warrant holders to vote favorably the business combination with Polestar.
Stockholder and Warrant Holder Special Meetings to be held on June 22, 2022. Each stockholder’s vote is important, regardless of the number of shares held, Gores Guggenheim added.
Earlier today, FT reported that “US regulators are proposing reforms that would limit SPACs’ ability to make far rosier performance projections than those permitted in a traditional IPO”.
The bank Goldman Sachs has “paused new SPACs offerings and is no longer working with many of those that it helped take public”. Citi and Bank of America are also “taking a more cautious approach. BofA is doing “selective work” with those SPACs it already has a relationship with”, according to what a person familiar with the matter told FT.
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The Stockholder Special Meeting will be held via live webcast at www.meetnow.global/MYGAWFM on June 22, 2022, at 9:30 a.m. Eastern Time, as described in the Company’s definitive proxy statement/prospectus, dated May 25, 2022 and filed with the SEC on such date (the “Proxy Statement”). The Warrant Holder Meeting will be held via live webcast at www.meetnow.global/MYVPLYT on June 22, 2022, at 10:00 a.m. Eastern Time, as described in the Proxy Statement.
On May 26, Polestar and Gores Guggenheim had announced that the registration statement on Form F-4 regarding the merger was declared effective by the SEC on May 25, 2022. The merger process will be concluded in the first half of the year, as previously announced.
The deal with Gores Guggenheim will provide Polestar cash proceeds of over $1 billion, including $800 million from the special purpose acquisition company (SPAC), and $250 million from intitutional investors through a private investment in public equity (PIPE).
Earlier today, Polestar announced that has begun delivering the first units of Polestar 2 model to Hertz as part of the agreement announced in April. The deal represented one of the largest single orders for EVs ever made with Polestar announcing the supply of 65,000 units over the next five years.