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Discussion Starter · #1 ·
Confirming most of the details in this post from a couple days back, Polestar has announced it has completed its merger with Gores Guggenheim and has raised approximately $890 million.
Probably of more interest to many of us, the new company (still named Polestar) will begin public trading on the Nasdaq tomorrow (June 24, 2022).
All of these moves are meant to raise capital to invest in developing new products so I assume it means we can have more confidence that the Polestar 3,4, and 5 will make it to market as expected.
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Full press release here:
Polestar and Gores Guggenheim, Inc. Announce Closing of Business Combination
Polestar raises approximately $890 million gross proceeds; begins trading June 24 on Nasdaq under ticker “PSNY”
GOTHENBURG AND LOS ANGELES – 23 June 2022. 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”) (Nasdaq: GGPI, GGPIW and GGPIU), 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.”

Polestar will be ringing the opening bell at Nasdaq in New York City on June 28, 2022 to celebrate the company's public listing. A live stream of the event can be viewed by visiting https://livestream.com/accounts/27896496/events/10423292.

Transaction Details
As a result of the Business Combination, Polestar has raised approximately $890 million gross proceeds. This includes approximately $640 million from Gores Guggenheim, as well as $250 million in proceeds from the PIPE completed in connection with the announcement of the Business Combination, anchored by top-tier institutional investors.

Advisors
Citi acted as exclusive financial advisor to Polestar and acted as joint placement agent on the PIPE. Kirkland & Ellis LLP and Delphi served as legal advisors to Polestar.

Deutsche Bank Securities Inc. acted as financial advisor and lead capital markets advisor to Gores Guggenheim, Inc., and joint placement agent on the PIPE. Morgan Stanley and Guggenheim Securities, LLC acted as financial advisor to Gores Guggenheim, Inc. and joint placement agents on the PIPE. Barclays also acted as financial advisor to Gores Guggenheim. Weil, Gotshal & Manges LLP and Hannes Snellman served as legal advisor to Gores Guggenheim and Latham & Watkins LLP served as legal advisor to the placement agents.

Additional information about the proposed business combination, including a copy of the Business Combination Agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Gores Guggenheim with the SEC, and will be available at www.sec.gov.
 

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Discussion Starter · #2 ·
and lest anyone worry about Volvo's reaction - they sent out their own press release on the subject:

Volvo Cars welcomes Polestar listing at Nasdaq in New York tomorrow
As the largest shareholder in the Swedish electric performance car company Polestar, Volvo Cars welcomes the closing of the transaction that will result in the listing of Polestar on the Nasdaq stock exchange in New York tomorrow.

Volvo Cars is pleased to note that the transaction closed during the first half of 2022, which is according to the timeline previously communicated.

This achievement is even more significant as it comes in a turbulent capital market environment and it reflects the excitement in the Polestar products and future potential of the business.

On June 22 shareholders of Gores Guggenheim, a special purpose acquisition company (SPAC) formed by affiliates of The Gores Group and Guggenheim Capital LLC, approved the merger with Polestar through which the listing of Polestar will take place.

Proceeds from the merger will be used to help fund continued investments in the expansion of Polestar’s products, operations and markets in the rapidly growing global premium electric car market. Please see Polestar’s announcement below for more detail.

“We welcome this important milestone for the journey of Polestar,” said Jim Rowan, chief executive of Volvo Cars. “As our affiliate brand and important business partner Polestar plays a key role in our strategic direction to become fully electric by 2030 and shape the future of mobility.”

Volvo Cars will continue as a responsible shareholder and business partner to Polestar. The close collaboration between Volvo Cars and Polestar includes sharing of technologies and development costs as well as creating economies of scale through a partly shared manufacturing footprint and supply chain.

Upon completion of the merger and listing of Polestar, Volvo Cars will hold 48.3 per cent of the combined company.
 

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Did anyone hear about a Directed share Program for Polestar?

 

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I haven't heard of any of this in the works for PoleStar.

Polestar is a global pure-play electric vehicle (EV) company with lots of potential, expected to go public in a transaction valued at $20 billion. And unless you’ve been living under a rock, you already know that EVs represent a significant, investable portion of the global economy, with exponential growth expected over the next decade.

The reverse SPAC merger follows on the heels of two other red-hot IPOs: Rivian Automotive (NASDAQ:RIVN) and Lucid Group (NASDAQ:LCID). Both of these EV startups are essentially pre-revenue companies, yet already are valued over $80 billion and $60 billion, respectively.

By contrast, Polestar is a more established company — both in sales and production — yet the stock trades at a fraction of its peers.

In many ways, Polestar is the ‘right’ emerging electric vehicle stock to buy, with an almost perfect combination of good long term fundamentals and smart strategic positioning. Trouble is, the timing is off.
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Here's the latest press release from Polestar.


GOTHENBURG AND LOS ANGELES – June 24, 2022 – Polestar, the Swedish electric performance car brand, begins trading on the Nasdaq in New York as of 24 June. Polestar will trade under the ticker PSNY.

The US listing marks another significant milestone for the brand that launched in 2017 and has already become a global electric car company. A unique combination of start-up agility with access to established automotive OEM manufacturing expertise and capacity, Polestar has launched two award winning cars and has more than 55,000 of them on the road, globally.

“This is a hugely proud moment for the entire team at Polestar,” says Thomas Ingenlath, CEO of Polestar. “We will now open a new chapter in our story that can be summarised in one word – growth. By 2025 we aim to be selling 290,000 cars per year, 10 times as many as we sold in 2021. We already have a real and successful business; this listing gives us the funds and platform to help deliver our ambitious future plans and drive industry-leading sustainability goals forward.”

The Nasdaq trading debut follows a strong start to 2022. Polestar recently announced record sales for the year to date, and robust global customer orders for Polestar 2, its all electric fastback, of over 32,000, an increase of 290% versus the same period in 2021. Polestar also increased its presence to 25 markets, up from 19 at the end of 2021, supported with nearly 130 retail locations.

Thomas Ingenlath continues: “We are adding three new premium electric cars to our line-up by 2024, starting with the launch of our first SUV, Polestar 3, later this year. This attractive product portfolio will be the base for Polestars growth in the most attractive, high-margin, global EV segments.”

Polestar will ring the opening bell at Nasdaq in New York City on 28 June to celebrate its debut as a publicly traded company. A live stream of the event can be viewed online at June 28, Opening Bell on Livestream.

The listing was conducted through a business combination with Gores Guggenheim, Inc., a Special Purpose Acquisition Company formed by affiliates of The Gores Group and Guggenheim Capital, LLC, which was officially approved at a meeting of Gores Guggenheim stockholders on 22 June 2022.
 

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was quietly buying the predecessor stock at $9.50 to $10.05. big bet on my part, kinda paid off with a 20% gain but haven't sold it yet going to hang on.

So, if history holds, if you have it SELL NOW because it'l be half that by end of next week. I bought Rivian at $74. whee.
 
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