Polestar Investor Presentation
Transaction overview and valuation
Transaction overview
Sources, $mn
Pro Forma Valuation, $mn
SPAC Cash in Trust¹
$800
Base Share Price at Merger
$10.00
PIPE Investors
250
Polestar Rollover
20,003
X Pro Forma Shares Outstanding
Equity Value
2,125.3
$21,253
$21,053
Less: Pro Forma Net Cash2,3
1,253
Enterprise Value
$20,000
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-
-
Pro forma fully-diluted enterprise value of
$20.0bn, or 3.0x 2023E Revenue and 1.5x
2024E Revenue
Current Polestar equity holders will retain
approximately 94% ownership in Polestar
and roll 100% of their equity interests into the
pro forma company
Transaction will result in approximately $995
million of cash added to Polestar's balance
sheet to go towards funding its business plan
and future model launches5
Total Sources
Uses, $mn
Pro Forma Ownership4
Polestar Rollover
$20,003
94.1%
Polestar rollover
Cash to Polestar's Balance Sheet¹
Estimated Gores Guggenheim²
Transaction Expenses
995
3.8%
GG Shareholders
55
1.2%
PIPE Investors
0.9%
GG Sponsor
Total Uses
$21,053
Note: Polestar will continue to seek further funding, both debt and equity funding will be considered in the future.
1. Assumes no Gores Guggenheim stockholder has exercised its redemption rights to receive cash from the trust account. This amount will be reduced by the amount of
cash used to satisfy any redemptions.
2. Excludes Polestar transaction expenses.
3. Based on pre-transaction net cash position of $258mn (as of April 2021) and $995mn net cash injection to Polestar's balance sheet to fund its business plan and future
model launches, as well as to pay Polestar transaction expenses.
Pro forma net cash balance does not reflect the following: (a) any changes to cash balance from pre-transaction amount through transaction close, also including capital
contributions, (b) any new debt raises or repayments that may occur before or after transaction close, (c) any related party payables and related party accrued liabilities
or the impact from any changes in these amounts. Please see appendix for more details.
4. Assumes a nominal share price of $10.00. Ownership excludes impact of warrants and earn out.
5. Transaction proceeds will also be used to pay Polestar transaction expenses. Additional funding will also be considered in the future to fund Polestar's business plan.
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