Assuming no share redemptions by the public stockholders of Gores Guggenheim, approximately US$800 million in cash currently held in Gores Guggenheim’s trust account, together with the approximately US$250 million in PIPE investment proceeds (excluding transaction expenses) is expected to be used to help fund significant investment in new models and the expansion of operations and markets. The US$250 million PIPE investment is anchored by top-tier institutional investors. The transaction implies an enterprise value of approximately US$20 billion.Ĭoncurrently with the consummation of the proposed business combination, investors have committed to purchase US$250 million of securities of the combined company (the PIPE investment). Upon closing of the proposed business combination, the combined company will be held by a new public company that will be named Polestar Automotive Holding UK Limited, which is expected to be listed on Nasdaq under the ticker symbol PSNY. (Nasdaq: GGPI, GGPIW, and GGPIU), a special purpose acquisition company (SPAC) formed by affiliates of The Gores Group and Guggenheim Capital, LLC, have announced that they have entered into a definitive business combination agreement. Polestar Performance AB and its affiliates, the global electric performance car company, and Gores Guggenheim, Inc.
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