Polestar and Gores Guggenheim, Inc. announce closing of business combination

Polestar raises approximately $890 million in gross revenue; begins trading on Nasdaq on June 24 under ticker “PSNY”

Polestar Performance AB and its subsidiaries (“Polestar” or the “Company”), the global pure play, premium electric performance car company, and Gores Guggenheim, Inc. (“Gores Guggenheim”), a special purpose acquisition company (“SPAC”) formed by subsidiaries of The Gores Group and Guggenheim Capital, LLC, today announced the completion of their previously announced business combination (the “Business Combination”). The combined company will retain the Polestar name and will begin trading on the Nasdaq on June 24, 2022 under the new ticker symbol “PSNY.” The business combination was approved at a special meeting of shareholders of Gores Guggenheim, Inc. 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 Nasdaq listing will help Polestar realize its plans for rapid growth, anchored by its core 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, Polestar’s Chief Executive Officer, said: “A listing on the Nasdaq is an incredibly proud moment for Polestar. We wanted to create an outstanding new EV brand with a mission to accelerate the shift to sustainable mobility. With 55,000 cars on the road today and global recognition as evidenced by more than 100 awards, we have laid 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 be launched in October 2022, setting a new standard in this high-performance, premium segment.

“Gores Guggenheim has been an excellent partner during this process and I would like to say a big thank you to Alec Gores and his amazing team. This milestone will help accelerate Polestar’s growth plans and help us advance our industry-leading sustainability goals.”

Alec Gores, Chairman and Chief Executive Officer of The Gores Group, said: “It has been a pleasure to work with Thomas and the Polestar team – alongside Volvo Cars and Geely Holding – as they continue to disrupt the EV space and achieve their sustainability goals. to achieve. look forward to what’s to come. Polestar has proven to be a true leader and innovator with premium vehicles, industry-leading sustainability solutions, impressive sales and orders, and stunning designs for future models. This is a great moment – ​​especially in this market – and we are delighted to continue supporting Polestar in this next phase of growth.”

SOURCE: North Star

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