Taiwan’s Gogoro heads to Nasdaq via SPAC merger
01:55, 17 September 2021
Taiwan-based electric mobility company Gogoro will list on the Nasdaq stock exchange through a merger with publicly traded special purpose acquisition company (SPAC) Poema Global Holdings.
Gogoro, best known for electric scooters and swappable batteries ecosystem, said on Thursday that the deal will value it at $2.35bn and will see the firm listed on Nasdaq under the ticker symbol “GGR”.
The company is backed by the world’s largest electronic manufacturer Hon Hai Technology Group also known as Foxconn. Gogoro is also funded by Indonesia’s largest tech company GoTo Group and Singapore’s Temasek. Current Gogoro shareholders are rolling 100% of their equity and will hold majority ownership of the combined company at closing, the company said.
China, India expansion plans
Gogoro expects to raise about $550m in proceeds from the initial public offering (IPO).
Proceeds from the IPO will be used to expand into China, India and Southeast Asia, and for research and development purposes, Gogoro said.
As part of its growth strategy, the company will introduce its battery swapping technology in China in late 2021 in partnership with electric two-wheeler manufacturing peers Yadea and Dachangjiang Group.
"Technology differentiation"
The company has also announced a joint venture with India’s Hero MotoCorp to build its battery swapping ecosystem in India.
“We believe the technology differentiation Gogoro has developed in combination with the world-class partnerships it has forged will drive significant growth opportunities in the two largest two-wheeler markets in the world,” said Homer Sun, CEO of Poema Global.
The deal closing is targeted for the first quarter of 2022, Gogoro said.
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