Shares of Polestar made their public-market debut under the ticker “PSNY” on Friday, making it the latest electric vehicle maker to go public via a merger with a special purpose acquisition company, or SPAC.
Polestar’s stock began trading on the Nasdaq exchange one day after it completed its merger with the SPAC Gores Guggenheim. The EV maker’s shares began trading on Friday at $12.98, up 15.5% from the SPAC’s final closing price on Thursday.
Polestar CEO Thomas Ingenlath said the company will use the roughly $850 million raised from the deal to fund its three-year plan to build new vehicles and eventually become profitable.
But Ingenlath said Polestar, which began as a joint venture…