Electric scooter manufacturer from Taiwan, Gogoro revealed on Friday that it would commence trading on the Nasdaq from April 5th through the means of a merger with a SPAC (Special Purpose Acquisition Company) enabling the e-scooter company to raise $335 million.
Gogoro, which is also involved in selling swapping systems for batteries said that its shareholders as well as the SPEC, Poema Global Holdings have given permission for the merger on Thursday. The completion of the merger will happen on April 4th, and Gogoro will commence trading on the Nasdaq under the names GGROW and GGR from April 5.
Gogoro is often given the moniker of Tesla Scooters, and it had revealed last September upon announcement of the deal that the company would be valued at a high $2.35 billion.
Upon the completion of the transaction, Gogoro expects funding of $335 million in cash which will also include $295 million from proceeds from financing commitments that are oversubscribed. These will include previous commitments from the backers of the iPhone assembly manufacturer Foxconn Technology Group as well as the largest tech company in Indonesia, GoTo Group along with Temasek, Ruentex Group, and other backers.
Gogoro was founded in 2011 by Horace Luke and last year it announced a merger with Poema so that it could prepare for its global presence expansion. Gogoro intends to achieve significant milestones in 2022 with the help of strategic partnerships that will extend its footprints in India, China, and Indonesia.
In a previous statement, Gogoro revealed that it had a revenue of $1 billion, with over 410,000 subscribers for battery swapping services, however, the company has not yet made a profit.