Polestar Investor Presentation Deck
Proforma fully-diluted enterprise value of
$20.0bn, or 3.1x 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
Transaction overview and valuation
Transaction overview
Sources, $mn
SPAC Cash in Trust¹
PIPE Investors
Polestar Rollover
Total Sources
Uses, $mn
Polestar Rollover
Cash to Polestar's Balance Sheet¹
Estimated Gores Guggenheim²
Transaction Expenses
Total Uses
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.
$800
250
20,003
$21,053
$20,003
995
55
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.
$21,053
Pro Forma Valuation, $mn
Base Share Price at Merger
X Pro Forma Shares Outstanding
Equity Value
Less: Pro Forma Net Cash²,3
Enterprise Value
Pro Forma Ownership4
94.2%
3.8%
1.1%
0.9%
Polestar Rollover
GG Shareholders
PIPE Investors
GG Sponsor
$10.00
2,125.3
$21,253
1,253
$20,000
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.
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