Electric car maker Polestar said Thursday it had completed the necessary requirements for its listing on the Nasdaq stock exchange in New York, with trading to begin on June 24.
The carmaker, controlled by Sweden’s Volvo Cars and its Chinese owner Geely, announced its plans to go public in September 2021, and said the listing would be carried out by combining Polestar with a special purpose acquisition company (SPAC), Gores Guggenheim, set up by US investment firms The Gores Group and Guggenheim Capital.
In a Thursday statement, Polestar said the combination had now been completed, and that the combined company would retain the Polestar name.
“Listing on the Nasdaq is an incredibly proud moment for Polestar,” Thomas Ingenlath, Chief Executive Officer of Polestar, said in a statement.
“With 55,000 cars on the road today and global recognition… we have built a strong foundation for future growth,” Ingenlath added.
The electric vehicle (EV) maker said that as a result of the deal it had raised “approximately $890 million gross proceeds.”
Founded by Volvo and Geely in 2017, Polestar sold only 10,000 vehicles in 2020, but is targeting annual unit sales of around 290,000 by 2025.
Together with battery maker Northvolt, the company is the Swedish flagship in the electric car sector.
In a separate statement, Volvo Cars said that it would continue to be “a responsible shareholder and business partner to Polestar,” and that upon completion of the merger and listing it would still hold 48.3 percent of the new company.
Keyword: Swedish electric carmaker Polestar announces NY listing