Gores Guggenheim Shares Rise 9% Prior to Closing of Polestar Merger

Dow Jones2022-06-21

By Chris Wack

Gores Guggenheim Inc. shares were up 9% to $10.98 after the company said it plans to close its merger with Polestar on Thursday.

Gores Guggenheim said in September 2021 it was in a deal to take Polestar, the Swedish electric performance car company, public.

The transaction is expected to raise at least $850 million in proceeds though a combination of a fully committed PIPE and cash held in trust. The cash held in trust accounts for a maximum 25% in preliminary redemption elections and assumes none of such preliminary redemption requests are withdrawn.

Following the completion of the business combination, Polestar's common stock is expected to begin trading on Nasdaq on Friday under the new ticker symbol PSNY.

Write to Chris Wack at chris.wack@wsj.com

$(END)$ Dow Jones Newswires

June 21, 2022 10:43 ET (14:43 GMT)

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Pepepepe
2022-06-22
Pepepepe
To the moon, the TSLA killer!

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