Polestar, the electric-car maker controlled by Volvo Car AB and its owner Zhejiang Geely Holding Group Co., is in talks to go public through a merger with Gores Guggenheim Inc. (GGPI), a blank-check firm, according to people with knowledge of the matter.
Update(s)
March 23, 2021: Gores Guggenheim, Inc. announced the pricing of its initial public offering of 75,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market and trade under the ticker symbol “GGPIU” beginning March 23, 2021. Each unit consists of one share of the Company’s Class A common stock and one-fifth of one warrant. Each whole warrant entitles the holder thereof to purchase one share of the Company’s Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the Nasdaq Capital Market under the symbols “GGPI” and “GGPIW,” respectively.
September 27, 2021: Polestar Performance AB and its affiliates, the global electric performance car company, and Gores Guggenheim (GGPI) entered into a definitive business combination agreement. Upon closing of the proposed business combination, the combined company will be held by a new public company that will be named Polestar Automotive Holding UK Limited, which is expected to be listed on Nasdaq under the ticker symbol “PSNY”.