Volvo, Geely-backed EV maker Polestar celebrates successful listing on Nasdaq
Jun.29,2022
Polestar CEO Thomas Ingenlath (Image source: Polestar)

Asian Tech Press (June 29) -- Geely, Volvo-backed premium EV brand Polestar celebrated its successful listing on Nasdaq on Tuesday.

The electric vehicle (EV) startup on Tuesday rang the opening bell on the Nasdaq Stock Exchange in New York to celebrate its public listing. Polestar has begun trading under the ticker symbol "PSNY" on June 24, 2022.

Polestar CEO Thomas Ingenlath, along with team members from Polestar and SPAC listing partner Gores Guggenheim, met in New York to celebrate the EV maker's latest milestone in advancing sustainable mobility.

A successful IPO will help Polestar enter several attractive global EV market segments and further reach industry-leading sustainability goals, including producing truly climate-neutral vehicles by 2030.

Polestar plans to launch three new luxury electric vehicles in succession by 2024, including two SUVs. The Swedish electric car brand expected to launch its first model, the full-size electric SUV Polestar 3, in October 2022.

Oscar-winning actor Leonardo DiCaprio said on Twitter on Wednesday, "Congratulations to Polestar Cars
for going public and innovating transportation for a cleaner planet. I'm proud to support this climate-forward company as an investor."

Zhejiang Geely Holding Group Co., Ltd. and Volvo Cars in 2017 launched Polestar in an attempt to rival Tesla. Among its private investors is Leonardo.

Polestar completed its merger with special purpose acquisition company (SPAC) Gores Guggenheim last Friday and began trading on the Nasdaq.

And the SPAC had an overall valuation of $20 billion, including debt.

The transaction brought $890 million in cash to the new company, named Polestar Automotive Holding UK PLC.

After the IPO, Polestar Rollover, the cohort representing existing Polestar shareholders, holds 94.1%, Gores Guggenheim's shareholders holds 3.8% and PIPE investors hold 1.2%.

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