Poema Global Holdings increased its PIPE by another $10 million in support of the proposed merger with Gogoro, a battery-swapping tech company.
Poema in January announced it had received additional funding that raised the PIPE from $257 million to $285 million. The oversubscribed PIPE now stands at $295 million.
If the SPAC’s stockholders approve, Gogoro will list on the Nasdaq under GGR.
The business combination is expected to provide the PIPE and Poema’s cash in trust, subject to redemptions. The PIPE is backed by strategic partners including Hon Hai (Foxconn) Technology Group and GoTo Group, the largest technology group in Indonesia, vehicle partners, and new and existing financial investors including Generation Investment Management, Taiwan’s National Development Fund, Temasek and founding investor, Dr. Samuel Yin of Ruentex Group.
Current Gogoro shareholders are rolling 100% of their equity and will hold majority ownership of the combined company at closing. Read more.
