Electric car company Polestar is going public via SPAC
Polestar, the Swedish electric car company that is a joint venture between Volvo and Geely, is going public by merging with a special purpose acquisition company, or SPAC. Polestar is the latest EV company — and futuristic transportation company — to go public via a reverse merger with a so-called “blank check” company.
By merging with a company backed by billionaire and “serial SPAC backer” Alec Gores and investment bank Guggenheim Partners, Polestar says it will have an “enterprise value” of $20 billion. The deal will also net Polestar a lot of cash: $800 million from Gores Guggenheim’s trust account and $250 million in cash from private investment in public equity (PIPE) financing “anchored by top-tier institutional investors,” the…