EV company Polestar Performance AB and Gores Guggenheim announced the completion of their merger. The combined company will retain the Polestar name and begins trading on the Nasdaq tomorrow under the new ticker symbol PSNY.
Polestar raised approximately $890 million gross proceeds on the deal through a combination of a fully committed PIPE and the SPAC’s cash in trust.
Share redemptions ahead of the vote amounted to about 20% of the outstanding stock, according to a press release.
Polestar was spun out of Volvo in 2017. Read more.
