Gore Guggenheim (NASDAQ:GGPI) and Swedish electric vehicle startup Polestar expect to close their SPAC business combination on June 23 following approval by Gores Guggenheim shareholders.
The transaction is expected to raise at least $850M in gross proceeds through a combination of a fully committed PIPE and cash held in trust.
The cash held in trust accounts for a maximum of 25% in preliminary redemption elections and assumes none of such preliminary redemption requests are withdrawn.
Gores Guggenheim Chairman Alec Gores noted that there have been limited redemptions despite the challenging macro environment and said it speaks to the high conviction investors have in Polestar's potential.
The special meeting of GGPI stockholders is set for June 22.
If the SPAC combination is approved, Polestar is expected to start trading on Nasdaq on June 24 under the new ticker symbol PSNY.
Polestar has plans for a full reveal in October of the Polestar 3 electric SUV, which will follow the Polestar 1 and Polestar 2. The Polestar 3 will be made at Volvo's factory in South Carolina. The electric vehicle maker hopes to be in 30 global markets by the end of 2023.
Polestar will be the splashiest debut in the EV sector since Rivian Automotive (RIVN) last fall when the market was in a more giddy phase. Shares of GGPI fell 1.09% in premarket trading on Tuesday to $9.98 in advance of the anticipated SPAC closing