VOLVY - Gores Guggenheim SPAC gains on report of talks to take electric-car maker Polestar public

Tramino/iStock Unreleased via Getty Images SPAC Gores Guggenheim (GGPI) rose 5.6% on a report that it's in discussions to take electric-car maker Polestar public in a deal that could value the EV company at more than $10B. A SPAC deal could happen as soon as this year, traders said, citing a Bloomberg report. Polestar is the EV maker that's controlled by Volvo Car (VOLVY) and China's Zhejiang Geely (GELYF). Geely rose 1.3% The WSJ reported in April that Volvo Cars and Geely were planning to take their ESwedish electric-vehicle maker company Polestar public by merging it with another SPAC and boosting its valuation to as much as $40B. Polestar has been a stand-alone brand since 2017 and focuses on high-performance electric cars. The company in April was wrapping up a Series A fundraising round that would value it at $7B and is aiming for a Series B fundraising that was expected to boost its

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Gores Guggenheim SPAC gains on report of talks to take electric-car maker Polestar public