Gores Guggenheim Stockholders Approve Polestar Business Combination | Business
LOS ANGELES & GOTHENBURG, Sweden–(Business WIRE)–Jun 22, 2022–
Gores Guggenheim, Inc. (“Gores Guggenheim” or the “Company”) (NASDAQ: GGPI, GGPIU and GGPIW), a specific goal acquisition firm sponsored by affiliates of The Gores Group, LLC and Guggenheim Cash, LLC, announced that in a special assembly held currently, its stockholders voted to approve the proposals essential to comprehensive its mixture with Polestar Overall performance AB and its affiliate marketers (“Polestar”), the worldwide pure engage in, premium electrical effectiveness vehicle company. Warrant holders also voted to approve the proposals introduced at the meeting of the Company’s warrant holders.
The closing of the business combination is envisioned to manifest tomorrow, June 23, 2022, subject matter to the gratification or waiver of all closing problems.
Next the consummation of the business enterprise mix, Polestar’s common inventory is expected to start investing on Nasdaq on June 24, 2022 beneath the new ticker symbol “PSNY.”
Polestar was recognized as a new, standalone Swedish quality electric powered auto producer in 2017. Started by Volvo Auto AB (publ) (collectively with its subsidiaries, “Volvo Cars”) and Zhejiang Geely Keeping Team Co., Ltd (“Geely”), Polestar enjoys precise technological and engineering synergies with Volvo Cars and trucks and added benefits from sizeable economies of scale as a final result.
Polestar is headquartered in Gothenburg, Sweden, and its automobiles are at present readily available and on the highway in marketplaces throughout Europe, North The usa, China and Asia Pacific. By 2023, the corporation programs that its autos will be available in an aggregate of 30 markets. Polestar vehicles are now manufactured in two amenities in China, with more future producing prepared in the United states of america.
In September 2021, Polestar introduced its intention to listing as a public enterprise on Nasdaq in a enterprise combination agreement with Gores Guggenheim, Inc.
Polestar has generated two electric powered efficiency cars and trucks. The Polestar 1 was developed concerning 2019 and 2021 as a lower-volume electric efficiency hybrid GT with a carbon fibre system, 609 hp, 1,000 Nm and an electrical-only assortment of 124 km (WLTP) – the longest of any high quality hybrid auto in the earth.
The Polestar 2 electric powered effectiveness fastback is the company’s very first totally electrical, high volume automobile. The Polestar 2 model vary involves three variants with a combination of prolonged- and standard range batteries as massive as 78 kWh, and twin- and solitary-motor powertrains with as significantly as 300 kW / 408 hp and 660 Nm.
From 2022, Polestar strategies to start just one new electrical motor vehicle for each yr, commencing with Polestar 3, the company’s 1st electric overall performance SUV which is anticipated to debut in Oct 2022. Polestar 4 is anticipated to abide by in 2023, a lesser electric powered performance SUV coupe.
In 2024, the Polestar 5 electric efficiency 4-doorway GT is planned to be launched as the production evolution of Polestar Principle – the manifesto thought auto that Polestar produced in 2020 that showcases the brand’s long run eyesight in terms of structure, know-how, and sustainability. As the corporation seeks to lessen its local weather affect with each and every new design, Polestar aims to produce a actually local climate-neutral auto by 2030.
In early March 2022, Polestar exposed its 2nd idea vehicle, an electric efficiency roadster which builds on the structure, technological innovation and sustainability ambitions laid out by Precept and showcases the brand’s vision for upcoming sporting activities cars. The hard-leading convertible provides an evolution of the distinctive layout language first demonstrated by Precept and emphasizes a dynamic driving experience. The idea even further develops the focus on sustainability and technology, aiming toward greater circularity.
About Gores Guggenheim, Inc.
Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a specific intent acquisition company sponsored by an affiliate of The Gores Group, LLC, started by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. Gores Guggenheim done its original public presenting in April 2021, raising close to USD 800 million in income proceeds for the intent of effecting a merger, funds inventory trade, asset acquisition, inventory buy, reorganization or identical business enterprise combination with just one or a lot more organizations. Gores Guggenheim’s system is to recognize and comprehensive organization combinations with current market main businesses with strong fairness stories that will gain from the growth funds of the community fairness marketplaces and be enhanced by the encounter and abilities of Gores’ and Guggenheim’s prolonged historical past and track record of investing in and functioning enterprises.
This press launch includes selected statements which might be regarded as “forward-wanting statements” as described in the Non-public Securities Litigation Reform Act of 1995. Ahead-searching statements usually relate to long run events or the future financial or running functionality of the Organization and Polestar. For instance, projections of long run revenue, volumes and other metrics are forward-hunting statements. In some instances, you can determine forward-searching statements by terminology this kind of 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 equivalent terminology. These types of ahead-searching statements are matter to pitfalls, uncertainties, and other components which could cause precise benefits to vary materially from all those expressed or implied by these kinds of ahead searching statements.
These ahead-hunting statements are dependent on estimates and assumptions that, although regarded as sensible by the Firm and its management, and Polestar and its management, as the case may be, are inherently uncertain. Aspects that may perhaps induce real benefits to differ materially from present-day anticipations incorporate, but are not minimal to: (a) the event of any party, modify or other instances that could give rise to the termination of definitive agreements with regard to proposed Small business Blend (b) the outcome of any authorized proceedings that may perhaps be instituted against the Corporation, the merged company or other folks pursuing the announcement of the proposed Enterprise Mix and any definitive agreements with respect thereto (c) the lack of ability to full the proposed Company Blend thanks to the failure to get funding to total the proposed Organization Mix or to fulfill other situations to Closing (d) modifications to the proposed composition of the proposed Enterprise Mix that may well be demanded or acceptable as a consequence of relevant guidelines or rules or as a problem to getting regulatory acceptance of the proposed Business enterprise Mix (e) the potential to meet up with stock trade listing criteria subsequent the consummation of the proposed Enterprise Mixture (f) the possibility that the proposed Organization Blend disrupts latest programs and functions of Polestar as a result of the announcement and consummation of the proposed Enterprise Combination (g) the capability to figure out the anticipated advantages of the proposed Enterprise Mix, which may be afflicted by, among the other things, competitiveness, the means of the merged company to mature and control progress profitably, keep associations with buyers and suppliers and keep its administration and key workforce (h) expenditures associated to the proposed Business enterprise Mix (i) challenges involved with modifications in relevant legislation or restrictions and Polestar’s intercontinental operations (j) the probability that Polestar or the mixed organization may well be adversely influenced by other economic, small business, and/or aggressive aspects (k) Polestar’s estimates of expenses and profitability (l) Polestar’s means to preserve agreements or partnerships with its strategic companions Volvo Automobiles and Geely and to acquire new agreements or partnerships (m) Polestar’s skill to maintain interactions with its present suppliers and strategic associates, and resource new suppliers for its essential parts, and to comprehensive making out its provide chain, when effectively running the challenges because of to this kind of relationships (n) Polestar’s reliance on its partnerships with vehicle charging networks to deliver charging options for its autos and its strategic associates for servicing its automobiles and their integrated application (o) Polestar’s ability to build its brand name and seize further market share, and the pitfalls involved with adverse press or reputational harm, such as from lithium-ion battery cells catching fireplace or venting smoke (p) delays in the style and design, manufacture, start and funding of Polestar’s autos and Polestar’s reliance on a restricted quantity of motor vehicle designs to produce revenues (q) Polestar’s ability to constantly and fast innovate, create and market new items (r) hazards similar to potential industry adoption of Polestar’s offerings (s) will increase in expenses, disruption of supply or shortage of resources, in certain for lithium-ion cells or semiconductors (t) Polestar’s reliance on its companions to manufacture cars at a higher quantity, some of which have limited encounter in manufacturing electrical motor vehicles, and on the allocation of enough output potential to Polestar by its partners in purchase for Polestar to be in a position to increase its car output capacities (u) pitfalls related to Polestar’s distribution design (v) the effects of opposition and the high obstacles to entry in the automotive sector, and the pace and depth of electric automobile adoption normally on Polestar’s long run business enterprise (w) modifications in regulatory specifications, governmental incentives and gasoline and energy charges (x) the impact of the world wide COVID-19 pandemic, inflation, interest price adjustments, the ongoing conflict amongst Ukraine and Russia, supply chain disruptions and logistical constraints on the Firm, Polestar, Polestar’s submit small business combination’s projected final results of operations, money general performance or other financial metrics, or on any of the foregoing risks and (y) other dangers and uncertainties set forth in the area entitled “Risk Factors” and “Cautionary Note With regards to Forward-On the lookout Statements” in the Company’s final prospectus relating to its preliminary community offering (File No. 333-253338) declared successful by the SEC on March 22, 2021, and other files filed, or to be filed, with the SEC by the Corporation or ListCo, which include the Definitive Proxy Statement. There may perhaps be more hazards that neither the Corporation, Polestar nor ListCo presently know or that the Business, Polestar or ListCo currently believe that are immaterial that could also result in actual effects to differ from all those contained in the forward-hunting statements. Very little in this push release need to be regarded as a representation by any particular person that the forward-searching statements set forth herein will be attained or that any of the contemplated final results of this sort of ahead-wanting statements will be reached. You really should not place undue reliance on forward-hunting statements, which communicate only as of the date they are manufactured. Neither the Firm, Polestar nor ListCo undertakes any obligation to update these ahead-seeking statements.
This press launch relates to the proposed Enterprise Mix. This doc shall not constitute an present to promote or exchange, or the solicitation of an supply to acquire or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which these supply, sale or exchange would be unlawful prior to registration or qualification underneath the securities regulations of any these kinds of jurisdiction. No provide of securities shall be built except by implies of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
Speak to: For inquiries with regards to The Gores Team and affiliate marketers:Jennifer Kwon Chou
Polestar (Trader Relations)
Search term: CALIFORNIA EUROPE SWEDEN UNITED STATES NORTH The usa
Sector Keyword: EV/Electrical Motor vehicles Transport AUTOMOTIVE OTHER Transportation
Resource: Gores Guggenheim, Inc.
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PUB: 06/22/2022 05:10 PM/DISC: 06/22/2022 05:12 PM