Polestar Makes a Move to Take On Tesla

Swedish electric vehicle company Polestar is set to go public on the Nasdaq on June 24, joining several other automakers in the highly competitive EV market.

The company, which is jointly owned by Volvo and China’s Geely, will trade on the Nasdaq under the ticker symbol PSNY through a Special Acquisition Company, Gores Guggheim (GGPI), that is backed by billionaire investor Alec Gores and investment bank Guggenheim Partners.

Shareholders of Gores Guggenheim Inc. approved the merger on June 22. The merger included cash proceeds of $890 million in fully committed private investment in public equity (PIPE) and cash held in trust. The cash held in trust accounts for approximately 20% in redemption elections.

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