Electric scooter maker Gogoro Inc (睿能創意) is to list on the NASDAQ Global Select Market in the US on Tuesday after completing a merger with special-purpose acquisition company Poema Global Holdings Corp, the Taiwanese firm said yesterday.
The merger, announced in September last year, is expected to be completed by Monday, paving the way for the new company, which would retain the Gogoro name, to list on the NASDAQ, the e-scooter maker said in a statement.
Gogoro, which is also a leader in battery-swapping technologies and ecosystems, said that the merger plan was approved at an extraordinary general meeting on Thursday.
Photo: CNA
Poema Global’s shareholders agreed to the merger at their own meeting on the same day, Gogoro said.
Gogoro shares and warrants are to be traded under the symbols “GGR” and “GGROW” respectively, it said.
It has been 16 years since a Taiwanese firm debuted in the US.
Tainan-based Himax Technologies Inc (奇景光電), a fabless IC designer focused on display imaging processing technologies, was the most recent one to do so when it listed on the NASDAQ in 2006.
The merger with Poema Global should raise at least US$335 million in cash, of which US$295 million is to come from private investment in public equity (PIPE) financing commitments received in connection with the deal, Gogoro said.
Top-tier institutional investors and strategic partners that have made PIPE commitments include Engine No. 1, Generation Investment Management, which was founded by former US vice president Al Gore, GoTo Group, Hon Hai Technology Group (鴻海科技集團), Temasek Holdings Pte, Ruentex Group (潤泰集團) and the National Development Fund (國發基金), it said.
After the merger, Poema Global chief executive officer Homer Sun is to join Gogoro’s board of directors.
Gogoro has achieved important milestones last year and this year, such as setting up strategic partnerships with established local leaders to expand in China, India and Indonesia.
Earlier this year, it rolled out its 1 millionth smart battery, and has managed more than 275 million battery swaps to date, the company said.
In January, Gogoro announced a collaboration with Electrum to develop electric-vehicle infrastructure and build an electric-vehicle ecosystem in Indonesia, which is the third-largest two-wheel vehicle market in the world.
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