On September 27, Polestar officially announced that it has signed a definitive business combination agreement with special purpose acquisition company Gores Guggenheim, Inc. Upon completion of the merger, the new company, Polestar Automotive Holding UK Limited, will be listed on NASDAQ with an estimated enterprise value of $20 billion.
The business combination, which has been unanimously approved by the boards of directors of Gores Guggenheim and Polestar, is expected to close in the first half of 2022, subject to final approval by Gores Guggenheim's shareholders and the satisfaction of other customary closing conditions.
Founded in 2017 by Volvo Car Corporation and Zhejiang Geely Holdings, Polestar was established with a focus on high-performance battery electric vehicles. The company plans to launch three new models by 2024, including the Polestar 3, the first premium electric SUV expected to be launched in 2022.
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