MADRID, 21 (EUROPE PRESS)
Electric vehicle firm Polestar has agreed to close its merger with special purpose acquisition company (SPAC) Gores Guggenheim on Thursday, with the company due to begin trading on the Nasdaq electronic market on Friday, according to reports. reported this Tuesday in a statement.
A SPAC shareholders’ meeting will take place on Wednesday to approve the merger, which will close on Thursday. In this way, on Friday it will begin trading on the markets under the ticker ‘PSNY’.
SPACs are dormant companies that have raised money from investors and go public with the aim of reverse-merging with an unlisted company.
Polestar will collect 850 million dollars (805 million euros) in gross income from this operation, taking into account the cash in the SPAC’s portfolio and the capital contributed by investors privately. This represents a reduction compared to the 1,050 million (994.6 million euros) that the firm expected to raise when it announced its merger with the SPAC in September.
“Our listing on the Nasdaq in collaboration with Gores Guggenheim will be a historic moment for the company. Our team has been working hard and now it is paying off. We are excited for the future of Polestar and will continue to build world-class electric cars, growing our passionate community of clients and expanding to more markets around the world,” said Thomas Ingenlath, CEO of the Swedish firm.
Polestar was founded in 2017 by Volvo and Zejiang Geely. The company closed 2020 with 10,000 vehicles sold, while in 2021 the figure rose to 29,000. The goal is to reach 290,000 vehicles registered annually by 2025. Actor Leonardo DiCaprio is one of the investors in the company.
Taking into account the current price of 10 dollars per share of the SPAC, the company will go public valued at just over 20,000 million dollars (18,944 million euros). This represents a multiple of three times compared to the estimated revenue for 2023, as well as 1.5 times compared to the forecast for 2024.
The company closed 2021 with net losses of 1,007 million dollars (954 million euros) and a turnover of 1,337 million dollars (1,266 million euros). Polestar does not expect to reach the break even point until 2024, with a profit of 280 million (265 million euros) for a turnover of 13,020 million dollars (12,333 million euros).