Electric car company Polestar (NASDAQ: PSNY) successfully went public after completing a SPAC merger this morning and is listed on NASDAQ under the ticker PSNY, as of June 24.
Polestar called the public listing “another significant milestone for the brand that launched in 2017 and has already become a global electric car company.
The early developments of the SPAC merger with Polestar were announced in September 2021 when the company announced it was planning to list shares with SPAC Gores Guggenheim to list shares on NASDAQ and expand manufacturing lines. “This is a really exciting time for Polestar,” CEO Thomas Ingenlath said in September.
Ingenlath said today that the merger with Guggenheim is “a hugely proud moment for the entire team at Polestar:”
“We will now open a new chapter in our story that can be summarised in one word – growth. By 2025 we aim to be selling 290,000 cars per year, 10 times as many as we sold in 2021. We already have a real and successful business; this listing gives us the funds and platform to help deliver our ambitious future plans and drive industry-leading sustainability goals forward.”
SPAC mergers have not been a widely-successful strategy for electric automakers as of late. Lucid, Fisker, and Nikola all listed publicly after merging with a SPAC and have their stock prices trading at 67, 69, and 92 percent lower than their post-merger highs, according to CNBC.
Shares were trading at $11.15 at 12:40 pm ET, down $1.83 on the day.
Polestar said it has over 32,000 orders for the Polestar 2, and is currently operational in 25 markets, up from 19 at the end of last year.
“We are adding three new premium electric cars to our line-up by 2024, starting with the launch of our first SUV, Polestar 3, later this year,” Ingenlath added. “This attractive product portfolio will be the base for Polestar’s growth in the most attractive, high-margin, global EV segments.”