Swedish electric vehicle maker Polestar reched an agreement to go public via special purpose acquisition with Gores Guggenheim Inc., The SPAC deal would give Polestar a valuation of $20 billion.
The Wall Street Journal reported Sunday, citing people familiar with the deal, that the SPAC agreement was imminent. TechCrunch has updated the article to reflect information in the official announcement. Once the merger closes, the combined company will be held by a new public company named Polestar Automotive Holding UK Limited. The company is expected to be listed on Nasdaq under the ticker symbol “PSNY.”Polestar falls under Volvo Car Group’s electric performance brand, but both Polestar and Volvo are owned by Chinese car maker Zhejiang Geely Holding Group Co.
With this announcement, Polestar joins a hoard of other EV and EV-related companies to go SPAC over the last two years, including Arrival, Nikola, EVgo, Proterra, Lucid Motors, Bird and many more - link - Rebecca Bellen - link - more like this - link
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