Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter
Gores Guggenheim’ share price soared 13.24% on Friday ahead of the final vote for the business combination with the Swedish EV maker Polestar on June 22. In late May, the EV maker 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.
The stock soared over 13% on Friday closing at $10.09 which represents a market cap of $1.01 billion. The special purpose acquisition company (SPAC) rebounded from the losses that had earlier in the week and closed on positive territory, up 1.00% in the last 5 days and barely flat in the last 30 days, down -0.39%).
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Gores Guggenheim will hold a special meeting of stockholders to vote the business combination agreement on June 22 at 9:30 AM EST followed by a meeting of public warrant holders at 10:00 a.m. to approve an amendment to the existing warrant agreement. The merger process will be concluded in the first half of the year, as previously announced.
On Wednesday Polestar announced that had over 32,000 orders globally for Polestar 2 since the start of 2022, representing a increase of 290% versus the same period in 2021. As the global expansion continues, the swedish electric vehicle maker is now 5 markets away from the plan of being present in 30 countries by end of 2023.
The Company’s Board of Directors unanimously recommends that its stockholders and warrant holders vote “FOR” the adoption of the Business Combination Agreement and approval of the proposed Business Combination and “FOR” the approval of the Warrant Amendment, Polestar stated.
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 institutional investors through a private investment in public equity (PIPE).
Since the beginning of the year, the Swedish electric vehicle maker expanded to 5 new markets increasing its global presence to 25 markets, being only five away from its target of 30 markets by the end of 2023.
Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter