Exploring the Pole

The Daily Dish (7/09/21)

Tesla Rival Polestar Valued at $25 Billion in SPAC Merger 

EV Car maker Polestar just announced its plans to go public through a merger with Gores Guggenheim, with the transaction valuing the combined company at $25 Billion. The company is backed by Volvo and has been exploring options to go public earlier in the year.

Polestar has several vehicles in development. This includes the Polestar 2, the company’s second vehicle and first EV, which started production in March in China. The Polestar Precept, who’s interiors are made of recycled PET bottles, is another vehicle which is currently in production. The company also announced the Polestar 3, an SUV which is currently being built in Volvo’s South Carolina Plant. 

Gores Guggenheim, led by Chairman Alec Gores and CEO Mark Stone, is sponsored by affiliates of Gores Group and Guggenheim Capital and raised $800 million in its IPO in march. The company’s shares rose about 5.3% to $10.25 and had climbed to as high as $10.48 earlier. 

SPAC Documents Reveal Circle’s Acquisition Woes 

Circle Financial lost over $156 million in its acquisition of crypto exchange Poloniex. Despite severing ties with Poloniex in 2019, Circle is still dealing with legal challenges.

The company has lined up millions to settle a previously undisclosed case bought by the SEC as well as sanction violations investigated by the OFAC. 

Circle estimates that it will have to pay between $1.1 million to $2.8 million to the OFAC and has set aside $10.4 million to settle with the SEC.

The company bought Poloniex for $400 million in order to fulfill founder Jeremy Allaire’s grand vision of being a one stop solution for crypto. Just 18 months after the acquisition, Circle sold Poloniex to Asian investors in a move to pivot to a stable coin focused business model. 

Hyperfine Announces $580 Million SPAC Deal 

Hyperfine and Liminal Sciences announced that they would go public through an SPAC merger with HealthCor Catalio Acquisition Corp. The SPAC merger is expected to value the combined company at $580 million.

The merger is also expected to bolster the cash balance of the new company, with an investment of $207 million from an SPAC trust fund and $126 million from PIPE investors. Post the merger, the company is expected to be listed on the Nasdaq stock exchange under the ticker symbol ‘HYPR’. 

Hyperfine makes the Swoop imaging system, who’s portability enables access in hospitals, clinics and other settings outside of the conventional MRI suite.

Liminal is developing an advanced, non-invasive technology to monitor brain vital signs, including blood flow and pressure. Hyperfine CEO Dave Scott is expected to become the President and CEO of the new company. 

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