Polestar is now live, and trading on the stock market.
On June 24, Polestar began trading on NASDAQ, under the moniker PSNY. Polestar is one of the latest of EV startups to become a publicly-traded entity. Polestar (PSNY) opened with an initial stock price of $12.30 per share, and a market valuation of $23 billion. Stocks slipped to about $11 per share by the end of the day.
The CEO of Polestar, Thomas Ingenlath, says that this is a hugely successful and exciting day for the brand. “We will now open a new chapter in our story that can be summarised in one word – growth,” said Ingenlath, in Polestar’s press release. According to Ingenlath, this is part of Polestar’s plan to sell 290,000 cars per year by 2025. “We already have a real and successful business; this listing gives us the funds and platform to help deliver our ambitious future plans and drive industry-leading sustainability goals forward,” said Ingenlath.
Polestar’s public listing comes after its reverse merger with investment firm Gores Guggenheim (GGPI). The merger was approved on June 22, and subsequently, GGPI has now become PSNY. Polestar plans on ringing the opening NASDAQ bell on Tuesday, June 28, in an event that celebrates the company going public.
Ingenlath asserts that the brand’s continued expansion into higher dollar, EV segments will fuel the brand’s growth. In one year alone, the brand has claimed 290% sales growth from last year, solely from the Polestar 1 and 2 coupe and sedan models. The Polestar 3 EV crossover, and Polestar 4, are supposed to be key products crucial to the brand’s success.
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