Polestar will be listed on the stock exchange at 170 billion – E24

The listing takes place through the Spac company Gores Guggenheim.

Sweden-based Polestar has two electric car models in production, and is now aiming for a stock exchange listing on Nasdaq.

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The electric car manufacturer Polestar, which was founded by Volvo and Geely, confirms that they will be listed through the Spac company Gores Guggenheim.

It comes out in one press release.

Spac stands for “Special Purpose Acquisition Company” and is a listed company created solely to raise money in the market – with the goal of buying a non-listed company in the future and merging this.

Polestar is expected to be listed on the Nasdaq in New York with an estimated market value of 20 billion dollars – just under 172 billion kroner.

In the listing, Gores Guggenheim will contribute around 800 million dollars. In addition, a group of institutional investors will contribute $ 250 million, according to the press release.

Volvo Cars, Geely board chairman Eric Li and actor Leonardo DiCaprio are already among the investors in Polestar.

Polestar thus produces electric cars, and is based in Sweden. The company has two car models in production, and is present in 14 markets, according to the press release.

Gores Guggenheim rises 7.6 percent in trading before opening hours on Wall Street.

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