VOLVY - Geely Holding Group unveils plans to tap SPAC deals

Zhejiang Geely Holding Group (GELYF), Volvo Car Group (VOLVY) and several other electric-vehicle brands is in talks to sponsor a SPAC that could raise $300Mn in a Nasdaq initial public offering - WSJ. Volvo Cars and Geely is also intending to take their ESwedish electric-vehicle maker company 'Polestar' public by merging it with another SPAC and boosting its valuation sharply, to as much as $40B.Polestar has been a stand-alone brand since 2017 and focuses on high-performance electric cars. The company is wrapping up a Series A fundraising round that will value it at $7B and is aiming for a Series B fundraising that could boost its valuation to $20B by the end of June, before merging with a SPAC to go public.In February, Lucid Motors Inc. (LUCIDM) agreed to merge with a SPAC Churchill Capital IV in a deal that valued Lucid at $24B.

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Geely Holding Group unveils plans to tap SPAC deals