Electric car company Polestar is going public via SPAC

Photo by Andrew Hawkins / The Verge

Polestar, the Swedish electric car company that is a joint venture between Volvo and Geely, is going public by merging with a special purpose acquisition company, or SPAC. Polestar is the latest EV company — and futuristic transportation company — to go public via a reverse merger with a so-called “blank check” company.

By merging with a company backed by billionaire and “serial SPAC backer” Alec Gores and investment bank Guggenheim Partners, Polestar says it will have an “enterprise value” of $20 billion. The deal will also net Polestar a lot of cash: $800 million from Gores Guggenheim’s trust account and $250 million in cash from private investment in public equity (PIPE) financing “anchored by top-tier institutional investors,” the...

Continue reading…



from The Verge - All Posts https://ift.tt/3ic4Lp8

Comments

Post a Comment

Popular posts from this blog

Gemini app finally expands to audio files

Image
Google made three major updates to its Gemini-powered products on Monday: The Gemini app now accepts audio files; Search can handle five new languages; and NotebookLM creates reports in the form of blog posts, study guides, quizzes, and more.  According to a Monday post on X by Josh Woodward, vice president of Google Labs and Gemini, audio file compatibility was the “#1 request” to the Gemini app.  Free Gemini users max out at 10 minutes of audio, and five free prompts each day. AI Pro or AI Ultra users, meanwhile, can upload audio up to three hours in length. All Gemini prompts accommodate up to 10 files across various file formats, including within ZIP files.  Additionally, Google Search’s AI Mode has rolled out five new language options: Hindi, Indonesian, Japanese, Korean, and Brazilian Portuguese, thanks to the integration of Gemini 2.5 with Search, according to a company blog : “With this expansion, more people can now use AI Mode to ask complex questions in ...
Read more

Hilarious Indian PUBG video goes viral with over 10 million views under 24 hours

Image
The mobile version of Playerunknown's Battleground has become nothing sort of a sensation with over 20 million daily active users from all around the globe. It has been well received in India too, since the country was amongst the top three when it comes to the most number of players in Season 2 of the game. Now, the YouTuber, Ashish Chanchlani has published a new video that is based on his own experience while playing the game and most Indian PUBG Mobile players will find something that they can relate to in it. Titled “PUBG : Ek Game Katha,” the video will take you through an entertaining set of events. It has gone viral with over 10.5 million views under 24 hours. You can watch the video here but do note that Chanchlani is famous for throwing random cusses, so we suggest you watch it with a pair of headphones on. As of writing this article, the video is currently on the number 3 spot on YouTube’s trending list, in India. Right from the get-go, Chanchlani takes a jab at alm...
Read more

Trailers of the week: Star Trek, Severance, and Gundam

Image
Michelle Yeoh in Star Trek: Section 31. | Image: Paramount Plus It’s the first week of December, and the end of the year is coming in fast and with a lot to look forward to at theaters this month. That very cool-looking Lord of the Rings anime hits US theaters on the 13th; Sonic the Hedgehog 3 follows on the 20th; and I’m deeply excited to see Nosferatu on December 25th. (If you’re not with me on that last one, give Matt Zoller Seitz’s RogerEbert.com review of it a read and get back to me.) While I’m waiting to go be unnerved by Robert Eggers’ new spooky vampire movie, let’s take a look at some good trailers from the last week. Star Trek: Section 31 I’ll admit that the biggest appeal for me about this straight-to-streaming spy movie spinoff of Star Trek: Discovery is Michelle Yeoh as Emperor Philippa Georgiou. She’s just having so much fun in this trailer. The trailers haven’t revealed yet what threat she’ll be facing, other than being forced to do teamwork, but it see...
Read more