Business combination expected to close
tomorrow, June 23, 2022
Polestar expected to begin trading on Nasdaq
under ticker symbol “PSNY” on June 24, 2022
Gores Guggenheim, Inc. (“Gores Guggenheim” or the “Company”)
(NASDAQ: GGPI, GGPIU and GGPIW), a special purpose acquisition
company sponsored by affiliates of The Gores Group, LLC and
Guggenheim Capital, LLC, announced that in a special meeting held
today, its stockholders voted to approve the proposals required to
complete its combination with Polestar Performance AB and its
affiliates (“Polestar”), the global pure play, premium electric
performance car company. Warrant holders also voted to approve the
proposals presented at the meeting of the Company’s warrant
holders.
The closing of the business combination is expected to occur
tomorrow, June 23, 2022, subject to the satisfaction or waiver of
all closing conditions.
Following the consummation of the business combination,
Polestar’s common stock is expected to begin trading on Nasdaq on
June 24, 2022 under the new ticker symbol “PSNY.”
About Polestar
Polestar was established as a new, standalone Swedish premium
electric vehicle manufacturer in 2017. Founded by Volvo Car AB
(publ) (together with its subsidiaries, “Volvo Cars”) and Zhejiang
Geely Holding Group Co., Ltd (“Geely”), Polestar enjoys specific
technological and engineering synergies with Volvo Cars and
benefits from significant economies of scale as a result.
Polestar is headquartered in Gothenburg, Sweden, and its
vehicles are currently available and on the road in markets across
Europe, North America, China and Asia Pacific. By 2023, the company
plans that its cars will be available in an aggregate of 30
markets. Polestar cars are currently manufactured in two facilities
in China, with additional future manufacturing planned in the
USA.
In September 2021, Polestar announced its intention to list as a
public company on Nasdaq in a business combination agreement with
Gores Guggenheim, Inc.
Polestar has produced two electric performance cars. The
Polestar 1 was built between 2019 and 2021 as a low-volume electric
performance hybrid GT with a carbon fibre body, 609 hp, 1,000 Nm
and an electric-only range of 124 km (WLTP) – the longest of any
premium hybrid car in the world.
The Polestar 2 electric performance fastback is the company’s
first fully electric, high volume car. The Polestar 2 model range
includes three variants with a combination of long- and standard
range batteries as large as 78 kWh, and dual- and single-motor
powertrains with as much as 300 kW / 408 hp and 660 Nm.
From 2022, Polestar plans to launch one new electric vehicle per
year, starting with Polestar 3, the company’s first electric
performance SUV which is expected to debut in October 2022.
Polestar 4 is expected to follow in 2023, a smaller electric
performance SUV coupe.
In 2024, the Polestar 5 electric performance 4-door GT is
planned to be launched as the production evolution of Polestar
Precept – the manifesto concept car that Polestar released in 2020
that showcases the brand’s future vision in terms of design,
technology, and sustainability. As the company seeks to reduce its
climate impact with every new model, Polestar aims to produce a
truly climate-neutral car by 2030.
In early March 2022, Polestar revealed its second concept car,
an electric performance roadster which builds on the design,
technology and sustainability ambitions laid out by Precept and
showcases the brand’s vision for future sports cars. The hard-top
convertible presents an evolution of the unique design language
first shown by Precept and emphasizes a dynamic driving experience.
The concept further develops the focus on sustainability and
technology, aiming towards greater circularity.
About Gores Guggenheim, Inc.
Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a
special purpose acquisition company sponsored by an affiliate of
The Gores Group, LLC, founded by Alec Gores, and by an affiliate of
Guggenheim Capital, LLC. Gores Guggenheim completed its initial
public offering in April 2021, raising approximately USD 800
million in cash proceeds for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Gores Guggenheim’s strategy is to identify and complete
business combinations with market leading companies with strong
equity stories that will benefit from the growth capital of the
public equity markets and be enhanced by the experience and
expertise of Gores’ and Guggenheim’s long history and track record
of investing in and operating businesses.
Forward-Looking Statements
This press release contains certain statements which may be
considered “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or the future
financial or operating performance of the Company and Polestar. For
example, projections of future revenue, volumes and other metrics
are forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as “may”, “should”,
“expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”,
“predict”, “potential”, “forecast”, “plan”, “seek”, “future”,
“propose” or “continue”, or the negatives of these terms or
variations of them or similar terminology. Such forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by the Company and
its management, and Polestar and its management, as the case may
be, are inherently uncertain. Factors that may cause actual results
to differ materially from current expectations include, but are not
limited to: (a) the occurrence of any event, change or other
circumstances that could give rise to the termination of definitive
agreements with respect to proposed Business Combination; (b) the
outcome of any legal proceedings that may be instituted against the
Company, the combined company or others following the announcement
of the proposed Business Combination and any definitive agreements
with respect thereto; (c) the inability to complete the proposed
Business Combination due to the failure to obtain financing to
complete the proposed Business Combination or to satisfy other
conditions to Closing; (d) changes to the proposed structure of the
proposed Business Combination that may be required or appropriate
as a result of applicable laws or regulations or as a condition to
obtaining regulatory approval of the proposed Business Combination;
(e) the ability to meet stock exchange listing standards following
the consummation of the proposed Business Combination; (f) the risk
that the proposed Business Combination disrupts current plans and
operations of Polestar as a result of the announcement and
consummation of the proposed Business Combination; (g) the ability
to recognize the anticipated benefits of the proposed Business
Combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; (h) costs
related to the proposed Business Combination; (i) risks associated
with changes in applicable laws or regulations and Polestar’s
international operations; (j) the possibility that Polestar or the
combined company may be adversely affected by other economic,
business, and/or competitive factors; (k) Polestar’s estimates of
expenses and profitability; (l) Polestar’s ability to maintain
agreements or partnerships with its strategic partners Volvo Cars
and Geely and to develop new agreements or partnerships; (m)
Polestar’s ability to maintain relationships with its existing
suppliers and strategic partners, and source new suppliers for its
critical components, and to complete building out its supply chain,
while effectively managing the risks due to such relationships; (n)
Polestar’s reliance on its partnerships with vehicle charging
networks to provide charging solutions for its vehicles and its
strategic partners for servicing its vehicles and their integrated
software; (o) Polestar’s ability to establish its brand and capture
additional market share, and the risks associated with negative
press or reputational harm, including from lithium-ion battery
cells catching fire or venting smoke; (p) delays in the design,
manufacture, launch and financing of Polestar’s vehicles and
Polestar’s reliance on a limited number of vehicle models to
generate revenues; (q) Polestar’s ability to continuously and
rapidly innovate, develop and market new products; (r) risks
related to future market adoption of Polestar’s offerings; (s)
increases in costs, disruption of supply or shortage of materials,
in particular for lithium-ion cells or semiconductors; (t)
Polestar’s reliance on its partners to manufacture vehicles at a
high volume, some of which have limited experience in producing
electric vehicles, and on the allocation of sufficient production
capacity to Polestar by its partners in order for Polestar to be
able to increase its vehicle production capacities; (u) risks
related to Polestar’s distribution model; (v) the effects of
competition and the high barriers to entry in the automotive
industry, and the pace and depth of electric vehicle adoption
generally on Polestar’s future business; (w) changes in regulatory
requirements, governmental incentives and fuel and energy prices;
(x) the impact of the global COVID-19 pandemic, inflation, interest
rate changes, the ongoing conflict between Ukraine and Russia,
supply chain disruptions and logistical constraints on the Company,
Polestar, Polestar’s post business combination’s projected results
of operations, financial performance or other financial metrics, or
on any of the foregoing risks; and (y) other risks and
uncertainties set forth in the section entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in the
Company’s final prospectus relating to its initial public offering
(File No. 333-253338) declared effective by the SEC on March 22,
2021, and other documents filed, or to be filed, with the SEC by
the Company or ListCo, including the Definitive Proxy Statement.
There may be additional risks that neither the Company, Polestar
nor ListCo presently know or that the Company, Polestar or ListCo
currently believe are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Neither the Company,
Polestar nor ListCo undertakes any duty to update these
forward-looking statements.
Disclaimer
This press release relates to the proposed Business Combination.
This document shall not constitute an offer to sell or exchange, or
the solicitation of an offer to buy or exchange, any securities,
nor shall there be any sale of securities in any jurisdiction in
which such offer, sale or exchange would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of the Securities Act of
1933, as amended.
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version on businesswire.com: https://www.businesswire.com/news/home/20220622006010/en/
For inquiries regarding The Gores Group and affiliates:
Jennifer Kwon Chou Managing Director The Gores Group
jchou@gores.com
John Christiansen/Cassandra Bujarski/Danya Al-Qattan FGS Global
GoresGroup-SVC@sardverb.com
For inquiries regarding Polestar:
Bojana Flint Polestar (Investor Relations)
bojana.flint@polestar.com
Jonathan Goodman Polestar jonathan.goodman@polestar.com
Andrew Lytheer Polestar andrew.lytheer@polestar.com
John Paolo Canton Polestar jp.canton@polestar.com
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