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.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Pinstripes Expands Senior Leadership Team, Hires Chief Financial Officer and Chief Marketing Officer in Advance of Public Listing Pinstripes, Inc, a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today announced...
Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced this morning that it plans to again adjourn its September 28 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 4 pm ET September 29. The SPAC’s warrant holders are also to vote at at a meeting 30 minutes...
Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled. The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to...
Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...
Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...