Polestar and Gores Guggenheim, Inc. Announce Closing of Business Combination
Summary
GOTHENBURG, Sweden & LOS ANGELES--(BUSINESS WIRE)--Polestar Performance AB and its affiliates (“Polestar” or the “Company”), the global pure play, premium electric performance car company, and Gores Guggenheim, Inc. (“Gores Guggenheim”) (Nasdaq: GGPI, GGPIW and GGPIU), a special purpose acquisition company (“SPAC”) formed by affiliates of The Gores Group and Guggenheim Capital, LLC, announced today the completion of their previously announced business combination (the “Business Combination”). This milestone will help accelerate Polestar’s growth plans and help us drive our industry-leading sustainability goals forward.” Alec Gores, Chairman and Chief Executive Officer of The Gores Group, states: “ It’s been a pleasure partnering with Thomas and the Polestar team – alongside Volvo Cars and Geely Holding – as they continue to disrupt the EV space and reach their sustainability goals and we look forward to what’s ahead. Polestar has proven itself to be a true leader and innovator with premier vehicles, industry-leading sustainability solutions, impressive sales and orders, and stunning designs for future models. Polestar is headquartered in Gothenburg, Sweden, and its vehicles are currently available and on the road in markets across Europe, North America, China and Asia Pacific. Gores Guggenheims strategy is to identify and complete business combinations with market leading companies with strong equity stories that will benefit from the growth capital of the public equity markets and be enhanced by the experience and expertise of Gores and Guggenheim’s long history and track record of investing in and operating businesses.