Polestar and Gores Guggenheim announced on Tuesday that they expect to close their business combination on June 23, 2022, subject to Gores Guggenheim stockholder approval. Following the consummation of the business combination, the Swedish EV maker is expected to begin trading on Nasdaq on Friday (June 24) under the new ticker symbol “PSNY.”
“The transaction is expected to raise at least $850 million in gross proceeds though a combination of a fully committed PIPE and cash held in trust. The cash held in trust accounts for a maximum 25% in preliminary redemption elections and assumes none of such preliminary redemption requests are withdrawn,” the companies said.
Alec Gores, Chairman of Gores Guggenheim, states, “To have limited redemptions in this challenging macro environment is an incredible feat and speaks to the strength of Polestar’s brand – as well as the high conviction our investors have in Polestar’s potential. We are proud of the momentum Polestar has built over the past several months and we look forward to the expected closing of our business combination this week.”
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Thomas Ingenlath, CEO of Polestar, says, “Our listing on the Nasdaq in partnership with Gores Guggenheim will be a milestone moment for the company. Our team has been working hard and that work is paying off. We are excited about the future of Polestar and will continue to build world-class electric cars, grow the passionate customer community and expand into even more markets around the globe.”
The special meeting of GGPI stockholders (the “Stockholder Special Meeting”) and meeting of the Company’s warrant holders (the “Warrant Holder Meeting”) are scheduled to occur on June 22, 2022. 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 Company’s definitive proxy statement/prospectus, dated May 25, 2022 and filed with the SEC on such date .
On Friday, Gores Guggenheim’ share price soared 13.24% ahead of the final vote for the business combination. 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%).
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.
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.