Polestar raises approximately $890 million gross proceeds; begins trading June 24 on Nasdaq under ticker “PSNY”
Polestar Performance AB and its affiliates (“Polestar” or the “Company”), the global pure play, premium electric performance car company, and Gores Guggenheim, Inc. (“Gores Guggenheim”), a special purpose acquisition company (“SPAC”) formed by affiliates of The Gores Group and Guggenheim Capital, LLC, announced today the completion of their previously announced business combination (the “Business Combination”). The combined company will retain the Polestar name and will commence trading on the Nasdaq under the new ticker symbol “PSNY” on June 24, 2022. The Business Combination was approved at a special meeting of Gores Guggenheim, Inc. stockholders on June 22, 2022.
Polestar represents a unique combination of start-up agility, backed by nearly 100 years of manufacturing experience and industrial infrastructure. The listing on the Nasdaq will help Polestar achieve its plans for rapid growth, anchored by its key values of design, innovation and sustainability. With two award-winning cars on the road in 25 markets, Polestar plans to increase sales volumes tenfold from approximately 29,000 cars in 2021 to 290,000 in 2025.
Thomas Ingenlath, Chief Executive Officer of Polestar, says: “Listing on the Nasdaq is an incredibly proud moment for Polestar. We set out to create an outstanding new EV brand with the mission to accelerate the shift towards sustainable mobility. With 55,000 cars on the road today and global recognition as made evident by over 100 awards, we have built a strong foundation for future growth. We are now expanding our product range with three new premium electric models, including two SUVs, by 2024. The first, Polestar 3, a full-size electric SUV, will launch in October 2022 and sets a new standard in this high margin, premium segment.
“Gores Guggenheim has been an excellent partner during this process and I send a big thank you to Alec Gores and his great team. This milestone will help accelerate Polestar’s growth plans and help us drive our industry-leading sustainability goals forward.”
Alec Gores, Chairman and Chief Executive Officer of The Gores Group, states: “It’s been a pleasure partnering with Thomas and the Polestar team – alongside Volvo Cars and Geely Holding – as they continue to disrupt the EV space and reach their sustainability goals and we look forward to what’s ahead. Polestar has proven itself to be a true leader and innovator with premier vehicles, industry-leading sustainability solutions, impressive sales and orders, and stunning designs for future models. This is a tremendous moment – especially in this market – and we are excited to continue to support Polestar through this next phase of growth.”
SOURCE: Polestar
Keyword: Polestar and Gores Guggenheim, Inc. announce closing of business combination