Holders of 61,968,987 shares of GGPI common stock were present in person or by proxy, representing 61.97% of the voting power, constituting a quorum for the transaction. The business combination was overwhelmingly approved as it received 60,126,768 votes in favor of the transaction and just 1,708,775 against it.
The SPAC announced yesterday morning that it anticipates to generate $850 million in proceeds for Polestar, resulting in low redemptions of approximately 25%. Gores Guggenheim now stands to have the lowest redemptions of any SPAC since December 23, 2021, when FS II had just 1.2% redeemed completing its transaction with Pardes Biosciences.
The parties expect to close the business combination tomorrow, June 23, 2022, subject to the satisfaction or waiver of all closing conditions. Following the closing, Polestar’s common stock is expected to begin trading on the Nasdaq on Friday, June 24, 2022 under the new ticker symbol “PSNY”.
Gores Guggenheim and Polestar initially announced their $20 billion combination on September 27. Gothenburg, Sweden-based Polestar produces two consumer EV models that are on the road in Europe, North America, China, and Asia Pacific.
From 2022 onward, Polestar plans to launch one new EV model per year including a performance SUV expected to debut in October and a smaller SUV coupe slated for 2023. It generated $1.3 billion in revenue in 2021 and projects $17.3 billion for 2025.
- Citi is acting as exclusive financial advisor to Polestar and is acting as joint placement agent on the PIPE.
- Kirkland & Ellis LLP is serving as legal advisor to Polestar.
- Deutsche Bank Securities Inc. is acting as financial advisor and lead capital markets advisor to Gores Guggenheim, Inc., and joint placement agent on the PIPE.
- Morgan Stanley and Guggenheim Securities, LLC are acting as financial advisor to Gores Guggenheim, Inc. and joint placement agents on the PIPE.
- Barclays is also acting as financial advisor to Gores Guggenheim.
- Weil, Gotshal & Manges LLP and Hannes Snellman are serving as legal advisor to Gores Guggenheim and Latham & Watkins LLP is serving as legal advisor to the placement agents.
LatAmGrowth SPAC (NASDAQ:LATG) announced in an 8-K that it adjourned its special meeting yesterday to liquidate early and will reconvene it at 2 pm ET September 28. The proposals on its ballot would have initiated the process of winding down the SPAC and returning all trust capital to investors outside of $100,000 for dissolution expenses....
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Nabors Energy Transition Corp. (NYSE:NETC) announced this morning that Vast has added an equity commitment of up to $10 million to its combination with concentrated solar power producer Vast. The new commitment comes at $10.20 per share from the Canberra Airport Group and half of it is to come up front at close. A further...
M3-Brigade III (NYSE:MBSC) announced this morning that it has closed its combination with Canadian energy producer Greenfire and the combined company is expected to trade on the NYSE under the symbol “GFR” later today. Concurrent with close, Greenfire also issued $300 million in new senior secured notes at a 2% discount, priced at $980 per...
Murphy Canyon Acquisition Corp. (NASDAQ:MURF) announced this afternoon that its stockholders voted in favor of the proposed business combination with Conduit Pharmaceuticals Limited (“Conduit”). Details on the vote, along with redemption numbers, have not been filed yet, but the Company expects the closing to occur as soon as practicable, subject to the satisfaction or waiver...