rmc523 Posted September 28, 2021 Share Posted September 28, 2021 https://www.autoblog.com/2021/09/27/polestar-going-public-20-billion/ Quote Swedish electric-car maker Polestar said on Monday it will go public by merging with a blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at a valuation of $20 billion including debt. Polestar's listing plan comes as automakers shift their focus to environment friendly vehicles, amid rising pressure from lawmakers and investors concerned about climate change. The deal with Gores Guggenheim Inc will include cash proceeds of around $800 million, assuming no share redemptions by public stockholders of the blank-check firm. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Shares of Gores Guggenheim were up 7.8% premarket. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. I didn't realize Polestar was that separate of an entity - I thought it was part of Volvo, especially given its roots and how much it shared with Volvo vehicles. 1 Quote Link to comment Share on other sites More sharing options...
Rcpd34 Posted October 6, 2021 Share Posted October 6, 2021 (edited) Funny, my local Volvo dealer said they were related and hoped to get a dealership here soon. Nearest one to MD is NJ. Edited October 6, 2021 by Rcpd34 Quote Link to comment Share on other sites More sharing options...
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