Volvo Cars welcomes Polestar listing at Nasdaq in New York tomorrow

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

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

Volvo Cars is pleased to report that the transaction will close in the first half of 2022, which is according to the previously communicated timeline.

This achievement is even more significant as it takes place in a turbulent capital market environment and it reflects the excitement in the Polestar products and the company’s future potential.

On June 22, shareholders of Gores Guggenheim, a special purpose company (SPAC) formed by subsidiaries of The Gores Group and Guggenheim Capital LLC, approved the merger with Polestar, resulting in Polestar’s listing.

Proceeds from the merger will be used to help fund further investments in expanding Polestar’s products, operations and markets in the burgeoning global premium electric vehicle market. See Polestar’s announcement below for more details.

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

Volvo Cars will remain a responsible shareholder and business partner of Polestar. The close collaboration between Volvo Cars and Polestar involves sharing technologies and development costs and creating economies of scale through a partially shared manufacturing footprint and supply chain.

Upon completion of the Polestar merger and listing, Volvo Cars will own 48.3 percent of the combined company.

SOURCE: Volvo Cars

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