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Thursday, June 30, 2022

Gores Guggenheim [NASDAQ: GGPIU] Ink Merger Agreement with Polestar

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Gores Guggenheim, Inc. [NASDAQ: GGPIU] has inked a merger agreement with Polestar Performance AB and its affiliates which is the global electric performance car firm. After the finalization of the proposed business combination, the merged firm will be maintained by a newly public firm that will be named Polestar Automotive Holding UK Limited. The new firm is anticipated to be listed on Nasdaq under the ticker symbol “PSNY”.

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Additionally, the deal suggested an enterprise value of nearly USD 20 billion. Since its inception in 2017, the Polestar has earned a reputation as a premium electric performance vehicle manufacturer. The two award-winning electric performance cars of the firm, Polestar 1, and Polestar 2 are presently on roads across Europe, North America, and Asia.

Furthermore, the firm has decided to unveil three new models by 2024. Polestar distributed nearly 10,000 vehicles in 2020. Moreover, it also anticipates selling roughly 290,000 vehicles per year by 2025. The proposed business merger and listing position Polestar as a monetarily strong, future-proof, global electric car firm. It will allow the firm to speed up its growth, strategy. This business merger will be a step forward towards sustainable mobility.

Transaction Details

In addition, Current Polestar equity holders will maintain nearly 94% ownership in Polestar and roll 100% of their equity interests into the pro forma company. The investors have pledged to buy USD 250 million of securities of the combined firm. The Board of Directors of Gores Guggenheim and the Board of Directors of Polestar have agreed to the business merger. It is anticipated that the deal will be closed in the first half of 2022.

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