Swedish electric car company Polestar to go public via merger with SPAC Gores Guggenheim

• Polestar was formed as a standalone company in 2017
• The deal is expected to close June 23, 2022
• The transaction is expected to raise at least $850 million in gross proceeds

Polestar, a Swedish electric car maker, will soon go public as a result of its impending merger with Gores Guggenheim, a blank check company backed by The Gores Group and Guggenheim Capital.

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.

On the merger, Alec Gores, chairman of Gores Guggenheim, said in a public statement: “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.”

Thomas Ingenlath, CEO of Polestar, also expressed his bullishness about the deal that will result in his company going public. “Our listing on the Nasdaq in partnership with Gores Guggenheim will be a milestone moment for the company,” he said in a public statement. “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.”

Polestar is expected to begin trading on Nasdaq on June 24, 2022 under the new ticker symbol “PSNY.”

Polestar, which is headquartered in Gothenburg, Sweden, was established as a new, standalone Swedish electric vehicle manufacturer in 2017. By 2023, the company seeks to have its cars available in 30 markets.