Polestar Goes Public On Nasdaq Via SPAC Merger, Raises $890 Million

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Polestar Goes Public On Nasdaq Via SPAC Merger, Raises $890 Million

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Polestar, the latest electric car manufacturer, has gone public after a merger with Gores Guggenheim Inc (SPAC), which raised $890 million.

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On June 24, the Swedish brand of electric performance cars began trading on New York's Nasdaq under the ticker PSNY.

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This is a major milestone for the brand, which was launched in 2017. It combines startup agility with OEM manufacturing expertise.

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Polestar shares closed at $13,00 on the first day, an increase of 15.8% over the SPAC's closing price on June 23.

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CNBC quoted Thomas Ingenlath, CEO of Polestar, as saying that the company will use the $890million raised by the deal to finance its three-year plan.

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Polestar, which started as a joint venture between Volvo Cars, Geely and Geely has moved beyond startup status.

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SPAC deals are a popular way for companies go public. They require less disclosures than traditional initial public offerings (IPOs).

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Unfortunately, investors have not been happy with most SPAC mergers of electric vehicle companies.

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