- Gogoro's unaudited 2021 revenue exceeded prior projected
2021 revenue by approximately 10%.
- Gogoro increases PIPE to $295M.
- Gogoro expects to close its business combination transaction
with Poema Global in early April and list on the Nasdaq under the
symbol "GGR."
TAIPEI,
Taiwan, March 21, 2022 /PRNewswire/ --
Gogoro® Inc. ("Gogoro" or the "Company"), a global
technology leader in battery swapping ecosystems that enable
sustainable mobility solutions for cities, today announced an
update to its unaudited 2021 revenue and an increase to its PIPE to
$295M. Gogoro is in a strong position
to fund its business plan and is committed to closing its SPAC
transaction with Poema Global Holdings Corp. ("Poema Global")
(NASDAQ: PPGH) in early April. Gogoro is seeing excellent momentum
in its business, both in its home market of Taiwan, and its expansion markets in
China, Southeast Asia and India.
Unaudited 2021 Revenue
Gogoro finished 2021 ahead of expectations with unaudited 2021
revenue exceeding its prior projected 2021 revenue of $326.9M by approximately 10%. The company is also
tracking well against its previous 2022 revenue projection of
$500.2M.
Oversubscribed PIPE
Gogoro has also experienced solid demand for its PIPE,
significantly exceeding its initial target of $175M with $257M at
the time of the SPAC transaction announcement in September 2021. Since then, Gogoro has received
an additional $37.5M in commitments,
including an additional $10M
commitment being added today, taking the total PIPE to $295M. This significant, upsized cash position
allows Gogoro to ensure that it can push forward aggressively with
its investment and expansion plans.
SPAC Transaction Update
Based on this, Gogoro expects to close its business combination
transaction in early April, regardless of redemption levels, and is
excited to become a publicly traded company as it continues to
execute its market expansion plans alongside its industry-leading
partners. Following the completion of the business combination,
Gogoro expects to be listed on the Nasdaq under the symbol
"GGR."
ABOUT GOGORO INC.
Founded in 2011 to rethink urban energy and inspire the world to
move through cities in smarter and more sustainable ways, Gogoro
leverages the power of innovation to change the way urban energy is
distributed and consumed. Gogoro's battery swapping and vehicle
platforms offer a smart, proven and sustainable long-term ecosystem
for delivering a new approach to urban mobility. Gogoro has quickly
become an innovation leader in vehicle design and electric
propulsion, smart battery design, battery swapping, and advanced
cloud services that utilize artificial intelligence to manage
battery availability and safety. The challenge is massive, but the
opportunity to disrupt the status quo, establish new standards, and
achieve new levels of sustainable transportation growth in densely
populated cities is even greater. For more information,
visit www.gogoro.com/news and follow Gogoro on Twitter:
@wearegogoro.
About Poema Global Holdings
Corp.
Poema Global Holdings Corp. is a special purpose acquisition
company affiliated with Princeville Capital formed for the purpose
of entering into a combination with one or more businesses. Poema
Global's sponsor team brings together over 100 years of combined
experience to equip and enable a differentiated global technology
leader to successfully list and to create long-term value for
shareholders in public markets. Led by Co-Chairmen Emmanuel DeSousa and Joaquin Rodriguez Torres, Chief Executive
Officer Homer Sun and President
Marc Chan, Poema Global seeks to
complete business combinations with companies that have validated
technologies and attractive unit economics, with a particular focus
on Asia and Europe. For more information,
visit https://www.poema-global.com/.
Forward Looking
Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended ("Securities Act"), and Section 21E of the U.S. Securities
Exchange Act of 1934, as amended ("Exchange Act") that are based on
beliefs and assumptions and on information currently available to
Poema Global and Gogoro. In some cases, you can identify
forward-looking statements by the following words: "may," "will,"
"could," "would," "should," "expect," "intend," "plan,"
"anticipate," "believe," "estimate," "predict," "project,"
"potential," "continue," "ongoing," "target," "seek" or the
negative or plural of these words, or other similar expressions
that are predictions or indicate future events or prospects,
although not all forward-looking statements contain these words.
Any statements that refer to expectations, projections or other
characterizations of future events or circumstances, including
financial projections, the capability of Gogoro's technology,
Gogoro's business and investment plans including Gogoro's ability
to successfully expand globally and the potential closing of the
business combination between Gogoro and Poema Global including the
timing of such potential closing and the impact of redemptions on
such potential closing, are forward-looking statements. These
statements involve risks, uncertainties and other factors that may
cause actual results, levels of activity, performance or
achievements to be materially different from those expressed or
implied by these forward-looking statements. Although each of Poema
Global and Gogoro believes that it has a reasonable basis for each
forward-looking statement contained in this communication, each of
Poema Global and Gogoro cautions you that these statements are
based on a combination of facts and factors currently known and
projections of the future, which are inherently uncertain. In
addition, there are risks and uncertainties described in the
definitive proxy statement/final prospectus filed by Gogoro with
the relating to the proposed transaction and other documents filed,
or to be filed, by Gogoro or Poema Global from time to time with
the SEC. These filings may identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Neither Poema Global nor Gogoro can assure you that the
forward-looking statements in this communication will prove to be
accurate. There may be additional risks that neither Poema Global
nor Gogoro presently know or that Poema Global and Gogoro currently
believe are immaterial that could also cause actual results to
differ from those contained in the forward looking statements. In
light of the significant uncertainties in these forward-looking
statements, you should not regard these statements as a
representation or warranty by Poema Global, Gogoro, their
respective directors, officers or employees or any other person
that Poema Global and Gogoro will achieve their objectives and
plans in any specified time frame, or at all. The forward-looking
statements in this communication represent the views of Poema
Global and Gogoro as of the date of this communication. Subsequent
events and developments may cause those views to change. However,
while Poema Global and Gogoro may update these forward-looking
statements in the future, there is no current intention to do so,
except to the extent required by applicable law. You should,
therefore, not rely on these forward-looking statements as
representing the views of Poema Global or Gogoro as of any date
subsequent to the date of this communication.
Financial Information
The financial information included in this communication is
unaudited and does not conform to Regulation S-X. Gogoro is in the
process of completing audits with respect to financial statements
for 2021. Accordingly, such information and data may not be
included in, may be adjusted in or may be presented differently in,
any proxy statement, registration statement, or prospectus that
Gogoro may file with the SEC. You should review the Gogoro's
audited financial statements when they become publicly available.
In addition, all of Gogoro's 2021 historical financial information
included herein is preliminary and subject to change.
Important Additional Information
and Where to Find It
In connection with the proposed transaction, Gogoro has filed a
registration statement on Form F-4 with the SEC, which includes a
preliminary prospectus with respect to Gogoro's securities to be
issued in connection with the proposed transaction. The
registration statement was declared effective by the SEC on
March 17, 2022, and the final
prospectus was filed with the SEC on March
17, 2022. Poema Global has mailed the definitive proxy
statement and other relevant documents to its shareholders as of
the record date established for voting on the proposed transaction.
Poema Global's shareholders and other interested persons are
encouraged to read the definitive proxy statement/final prospectus,
as well as other documents filed, or to be filed, with the SEC,
because these documents contain, or will contain, important
information about Poema Global, Gogoro and the proposed
transaction. Shareholders of Poema Global are also able to obtain a
copy of the definitive proxy statement/final prospectus, and other
documents filed with the SEC without charge, by directing a request
to: 101 Natoma St., 2F, San Francisco,
CA 94105. The definitive proxy statement/final prospectus
can also be obtained, without charge, at the SEC's website
(www.sec.gov).
Participants in the
Solicitation:
Poema Global and Gogoro and their respective directors and
executive officers may be considered participants in the
solicitation of proxies with respect to the potential transaction
described in this communication under the rules of the SEC.
Information about the directors and executive officers of Poema
Global and their ownership is set forth in Poema Global's filings
with the SEC, including its Form 10-K for the year ended
December 31, 2020 and subsequent
filings under Section 16 of the Exchange Act or on Form 10-Q.
Additional information regarding the persons who may, under the
rules of the SEC, be deemed participants in the solicitation of
Poema Global's shareholders in connection with the potential
transaction is set forth in the definitive proxy statement/final
prospectus. These documents are available free of charge at the
SEC's website at www.sec.gov or by directing a request to: 101
Natoma St., 2F, San Francisco, CA
94105.
No Offer or Solicitation
This communication is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and does not constitute an
offer to sell or a solicitation of an offer to buy any securities
of Poema Global or Gogoro, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of the Securities Act.
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SOURCE Gogoro