Gores Guggenheim (NASDAQ:GGPI) announced that its shareholders have voted to approve its combination with Swedish electric vehicle-maker Polestar in a special meeting held earlier today.
Holders of 61,968,987 shares of GGPI common stock were present in person or by proxy, representing 61.97% of the voting power, constituting a quorum for the transaction. The business combination was overwhelmingly approved as it received 60,126,768 votes in favor of the transaction and just 1,708,775 against it.
The SPAC announced yesterday morning that it anticipates to generate $850 million in proceeds for Polestar, resulting in low redemptions of approximately 25%. Gores Guggenheim now stands to have the lowest redemptions of any SPAC since December 23, 2021, when FS II had just 1.2% redeemed completing its transaction with Pardes Biosciences.
The parties expect to close the business combination tomorrow, June 23, 2022, subject to the satisfaction or waiver of all closing conditions. Following the closing, Polestar’s common stock is expected to begin trading on the Nasdaq on Friday, June 24, 2022 under the new ticker symbol “PSNY”.
Gores Guggenheim and Polestar initially announced their $20 billion combination on September 27. Gothenburg, Sweden-based Polestar produces two consumer EV models that are on the road in Europe, North America, China, and Asia Pacific.
From 2022 onward, Polestar plans to launch one new EV model per year including a performance SUV expected to debut in October and a smaller SUV coupe slated for 2023. It generated $1.3 billion in revenue in 2021 and projects $17.3 billion for 2025.
ADVISORS
- Citi is acting as exclusive financial advisor to Polestar and is acting as joint placement agent on the PIPE.
- Kirkland & Ellis LLP is serving as legal advisor to Polestar.
- Deutsche Bank Securities Inc. is acting as financial advisor and lead capital markets advisor to Gores Guggenheim, Inc., and joint placement agent on the PIPE.
- Morgan Stanley and Guggenheim Securities, LLC are acting as financial advisor to Gores Guggenheim, Inc. and joint placement agents on the PIPE.
- Barclays is also acting as financial advisor to Gores Guggenheim.
- Weil, Gotshal & Manges LLP and Hannes Snellman are serving as legal advisor to Gores Guggenheim and Latham & Watkins LLP is serving as legal advisor to the placement agents.
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...