Polestar raises approximately $890 million gross proceeds;
begins trading June 24 on Nasdaq under ticker “PSNY”
Polestar Performance AB and its affiliates (“Polestar” or the
“Company”), the global pure play, premium electric performance car
company, and Gores Guggenheim, Inc. (“Gores Guggenheim”) (Nasdaq:
GGPI, GGPIW and GGPIU), a special purpose acquisition company
(“SPAC”) formed by affiliates of The Gores Group and Guggenheim
Capital, LLC, announced today the completion of their previously
announced business combination (the “Business Combination”). The
combined company will retain the Polestar name and will commence
trading on the Nasdaq under the new ticker symbol “PSNY” on June
24, 2022. The Business Combination was approved at a special
meeting of Gores Guggenheim, Inc. stockholders on June 22,
2022.
Polestar represents a unique combination of start-up agility,
backed by nearly 100 years of manufacturing experience and
industrial infrastructure. The listing on the Nasdaq will help
Polestar achieve its plans for rapid growth, anchored by its key
values of design, innovation and sustainability. With two
award-winning cars on the road in 25 markets, Polestar plans to
increase sales volumes tenfold from approximately 29,000 cars in
2021 to 290,000 in 2025.
Thomas Ingenlath, Chief Executive Officer of Polestar, says:
“Listing on the Nasdaq is an incredibly proud moment for Polestar.
We set out to create an outstanding new EV brand with the mission
to accelerate the shift towards sustainable mobility. With 55,000
cars on the road today and global recognition as made evident by
over 100 awards, we have built a strong foundation for future
growth. We are now expanding our product range with three new
premium electric models, including two SUVs, by 2024. The first,
Polestar 3, a full-size electric SUV, will launch in October 2022
and sets a new standard in this high margin, premium segment.
“Gores Guggenheim has been an excellent partner during this
process and I send a big thank you to Alec Gores and his great
team. This milestone will help accelerate Polestar’s growth plans
and help us drive our industry-leading sustainability goals
forward.”
Alec Gores, Chairman and Chief Executive Officer of The Gores
Group, states: “It’s been a pleasure partnering with Thomas and the
Polestar team – alongside Volvo Cars and Geely Holding – as they
continue to disrupt the EV space and reach their sustainability
goals and we look forward to what’s ahead. Polestar has proven
itself to be a true leader and innovator with premier vehicles,
industry-leading sustainability solutions, impressive sales and
orders, and stunning designs for future models. This is a
tremendous moment – especially in this market – and we are excited
to continue to support Polestar through this next phase of
growth.”
Polestar will be ringing the opening bell at Nasdaq in New York
City on June 28, 2022 to celebrate the company's public listing. A
live stream of the event can be viewed by visiting
https://livestream.com/accounts/27896496/events/10423292.
Transaction Details
As a result of the Business Combination, Polestar has raised
approximately $890 million gross proceeds through a combination of
a fully committed PIPE, anchored by top-tier institutions, and cash
held in trust. The cash held in trust accounts for approximately
20% in redemption elections.
Advisors
Citi acted as exclusive financial advisor to Polestar and acted
as joint placement agent on the PIPE. Kirkland & Ellis LLP and
Delphi served as legal advisors to Polestar.
Deutsche Bank Securities Inc. acted 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 acted as financial advisor to Gores Guggenheim,
Inc. and joint placement agents on the PIPE. Barclays also acted as
financial advisor to Gores Guggenheim. Weil, Gotshal & Manges
LLP and Hannes Snellman served as legal advisor to Gores Guggenheim
and Latham & Watkins LLP served as legal advisor to the
placement agents.
Additional information about the proposed business combination,
including a copy of the Business Combination Agreement and investor
presentation, will be provided in a Current Report on Form 8-K to
be filed by Gores Guggenheim with the SEC, and will be available at
www.sec.gov.
Ends.
About Polestar
Polestar Automotive Holding UK PLC (Nasdaq: PSNY) (“Polestar”)
is a Swedish premium electric vehicle manufacturer. Founded by
Volvo Car AB (publ.) (together with its subsidiaries, “Volvo Cars”)
and Zhejiang Geely Holding Group Co., Ltd (“Geely”), in 2017,
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.
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
hybrid car in the world at the time.
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 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 emphasises 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
Certain statements in this press release (“Press Release”) 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 Polestar. For example,
projections of revenue, volumes and other financial or operating
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 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: (1) Polestar’s
ability to maintain agreements or partnerships with its strategic
partners Volvo Cars and Geely and to develop new agreements or
partnerships; (2) Polestar’s ability to maintain relationships with
its existing suppliers, 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; (3)
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; (4) 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;
(5) competition, the ability of Polestar to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; (6) Polestar’s estimates
of expenses and profitability; (7) increases in costs, disruption
of supply or shortage of materials, in particular for lithium-ion
cells or semiconductors; (8) the possibility that Polestar may be
adversely affected by other economic, business, and/or competitive
factors; (9) 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;
(10) changes in regulatory requirements, governmental incentives
and fuel and energy prices; (11) the outcome of any legal
proceedings that may be instituted against Polestar or others; (12)
the ability to meet stock exchange listing standards; (13) risks
associated with changes in applicable laws or regulations and with
Polestar’s international operations; (14) 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; (15) 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; (16) Polestar’s ability to
continuously and rapidly innovate, develop and market new products;
(17) risks related to future market adoption of Polestar’s
offerings; (18) risks related to Polestar’s distribution model;
(19) 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
Polestar, Polestar’s projected results of operations, financial
performance or other financial and operational metrics, or on any
of the foregoing risks; and (20) other risks and uncertainties set
forth in the section entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and
other documents filed, or to be filed, with the SEC by Polestar.
There may be additional risks that Polestar presently does not know
or that Polestar currently believes 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. Polestar assumes no
obligation to update these forward-looking statements, even if new
information becomes available in the future.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220623005669/en/
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
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
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