Polestar Electric to go public via SPAC at $20 Billion

Polestar is a global pure play, premium electric vehicle (“EV”) company based in Sweden, with a mission to produce progressive, electric performance cars designed and engineered without compromise

Transaction implies an enterprise value of approximately USD 20 billion

Polestar currently has two award-winning cars in production and rapidly growing sales in 14 active markets across three continents

Proceeds from the business combination are expected to be used to help fund significant investment in products and the expansion of operations and markets to create a leading company in the rapidly growing global premium EV market

Transaction includes approximately USD 800 million of cash from Gores Guggenheim, Inc.’s trust account (subject to applicable stockholder redemption rights) and USD 250 million in cash from PIPE financing anchored by top-tier institutional investors

Existing Polestar investors include Volvo Car Group and affiliates of Geely Chairman Eric Li, and actor and activist Leonardo DiCaprio, amongst others

Get More Great Car Videos – Subscribe: https://goo.gl/BSIaFc

You May Also Like