Polestar Reaches Deal With Gores Guggenheim

A blank-check firm backed by Alec Gores and Guggenheim Partners will merge with Polestar and take the company public. The agreement comes as blank-check deals underperformed over the summer, most notably when Lucid Motors ($LCID@US) reached a similar deal worth $24 billion with Churchill Capital IV Corp. While the subsequent LCID stock rose early on, it has sagged more than expected. After the merger, the new Polestar will trade under the ticker PSNY. With luxury electric and hybrid vehicles backed by Volvo ($VLVLY@Sweden) and Geely (GELYF@China), this new company hopes to outpace companies like Lucid, which have not yet been able to take back marketshare from Tesla ($TSLA@US), which has risen nearly $30 per share since Friday.