Gores Guggenheim and Polestar Expected to Close Business Combination on June 23, 2022
- Business combination expected to close June 23, 2022, Polestar expected to begin trading on Nasdaq under ticker symbol “PSNY” on June 24, 2022
- Preliminary redemption elections reflect a 25% maximum, well-below current market average
- Stockholder and Warrant Holder Special Meetings to be held on June 22, 2022
LOS ANGELES & GOTHENBURG, Sweden--(BUSINESS WIRE)-- Gores Guggenheim, Inc. (“Gores Guggenheim” or the “Company”) (NASDAQ:GGPI, GGPIU and GGPIW))), a special purpose acquisition company sponsored by affiliates of The Gores Group, LLC and Guggenheim Capital, LLC, and Polestar, the Swedish electric performance car company, today announced they expect to close their business combination on June 23, 2022, subject to Gores Guggenheim stockholder approval.
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. The cash held in trust accounts for a maximum 25% in preliminary redemption elections and assumes none of such preliminary redemption requests are withdrawn.
Alec Gores, Chairman of Gores Guggenheim, states, “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, says, “Our listing on the Nasdaq in partnership with Gores Guggenheim will be a milestone moment for the company. Our team has been working hard and that work is paying off. 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.”
The special meeting of GGPI stockholders (the “Stockholder Special Meeting”) and meeting of the Company’s warrant holders (the “Warrant Holder Meeting”) are scheduled to occur on June 22, 2022. The Stockholder Special Meeting will be held via live webcast at www.meetnow.global/MYGAWFM on June 22, 2022, at 9:30 a.m. Eastern Time, as described in the Company’s definitive proxy statement/prospectus, dated May 25, 2022 and filed with the SEC on such date (the “Proxy Statement”). The Warrant Holder Meeting will be held via live webcast at www.meetnow.global/MYVPLYT on June 22, 2022, at 10:00 a.m. Eastern Time, as described in Company’s definitive proxy statement/prospectus, dated May 25, 2022 and filed with the SEC on such date .
Following the consummation of the business combination, Polestar’s common stock is expected to begin trading on Nasdaq on June 24, 2022 under the new ticker symbol “PSNY.”