The EV manufacturer Polestar and Gores Guggenheim announced on Wednesday evening 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 Company 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 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.
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The 8th Amendment follows the one filed last Thursday (May 20) bringing some small corrections and some updated informations including the production guidance for 2022 after the Chinese Lockdowns
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).
After announcing the launching in Portugal on Friday, Polestar arrives now Spain with the first test drives of the Polestar 2 model starting on Tuesday, May 24, in Madrid and on June 1 in Barcelona. The model starts at €46,190 and the first units are expected to arrive the country in October.
Since the beginning of the year, the Swedish electric vehicle maker expanded to 4 new markets increasing its global presence to 23 markets, seven away from its target of 30 markets in aggregate by the end of 2023.