Polestar SPAC Merger: 7 Things to Know as PSNY Stock Starts Trading Today

Editor’s note: This article was updated on June 24 to reflect that Polestar raised $890 million in gross proceeds. 

  • Polestar (PSNY) will start trading today on the Nasdaq under the symbol PSNY.
  • Polestar is based in Sweden and has already released two EVs.
  • In the first four months of 2022, the company sold about 13,600 EVs.
PSNY stock - Polestar SPAC Merger: 7 Things to Know as PSNY Stock Starts Trading Today

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Electric-vehicle maker Polestar (NASDAQ:PSNY) will start trading on the Nasdaq exchange today under the symbol PSNY. This change comes after the company’s merger with Gores Guggenheim was completed yesterday. Gores was the Polestar SPAC. In early trading, PSNY stock is changing hands for $11.86 per share.

Here are seven more things investors should know about Polestar:

  • Polestar is partially owned by Swedish automaker Volvo (OTCMKTS:VLVLY), and Chinese vehicle maker Geely also owns a large percentage of Polestar. Volvo is fully owned by Geely.
  • The merger raised approximately $890 million in proceeds.
  • Polestar is based in Sweden, but its EVs are currently being manufactured in China.
  • So far, Polestar has launched two EVs. The Polestar 1 and 2. And it plans on debuting the Polestar 3, an electric crossover SUV, in October.
  • As of the end of April, the EV startup had sold about 13,600 of its vehicles in 2022.
  • However, citing the negative impact of lockdowns in China on its production, Polestar reduced its 2022 delivery target to about 50,000 from 65,000.
  • Hertz Global (NASDAQ:HTZ), a U.S. car rental giant, announced in April that it was teaming up with Polestar. Hertz has agreed to buy “up to 65,000 [EVs] over five years from Polestar.”

Navellier Is Somewhat Bullish on PSNY Stock

In a May 31 column, renowned investor Louis Navellier was upbeat on Polestar. Writing that Polestar’s EVs “are designed to be powerful and luxurious,” Navellier believes that the automaker’s shares pose “some risk.” Nonetheless, he thinks that “the long-term rewards [of PSNY stock] could be substantial.” Moreover, the automaker’s delivery target is “strong,” contended Navellier.

On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been GE, solar stocks, and Snap. You can reach him on StockTwits at @larryramer.


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