Polestar Investors Sue Billionaire Gores on EV Maker’s SPAC Deal | SPAC Feed

Polestar automotive Holding UK Plc investors sued billionaire alec gores and other architects of its blank-check merger, claiming they duped investors into a disastrous deal that gave insiders a windfall.

The lawsuit targets former backers of Gores Guggenheim, the SPAC that combined with Polestar affiliates to take the electric vehicle business public in June 2022. Polestar was previously a subsidiary of Volvo Car AB, the Swedish automaker owned by china‘s Zhejiang Geely Holding Group.

Polestar raised approximately $890 million gross proceeds on the deal through a combination of a fully committed PIPE and the SPAC’s cash in trust.

Share redemptions ahead of the vote amounted to about 20% of the outstanding stock.

Polestar shares opened at $12.98 in the ev maker’s Nasdaq debut more than a year ago. As of mid-afternoon today, the stock was trading at $3.74. Read more.

Source: Polestar Investors Sue Billionaire Gores on EV Maker’s SPAC Deal

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://spacfeed.com/polestar-investors-sue-billionaire-gores-on-ev-makers-spac-deal