- Merger to Deliver At Least $335M of Cash Proceeds to Support Gogoro's
Growth
- Gogoro Expects to Close the Business Combination on
April 4, 2022
- Gogoro Shares and Warrants Expected to Begin Trading on the
Nasdaq on April 5 under Tickers "GGR"
and "GGROW", respectively
TAIPEI,
Taiwan and HONG
KONG, March 31, 2022 /PRNewswire/ -- Gogoro®
Inc. ("Gogoro" or the "Company"), the global technology leader in
battery swapping ecosystems that enable sustainable mobility
solutions for cities, and Poema Global Holdings Corp. (Nasdaq:
PPGH; "Poema Global"), a publicly traded, special purpose
acquisition company, today announced that their previously
announced business combination (the "Business Combination") was
approved at an Extraordinary General Meeting (the "EGM") of
Poema Global on March 31, 2022. The
transaction is expected to officially close on April 4, 2022. The combined company will retain
the Gogoro name and its shares and warrants are expected to begin
trading on the Nasdaq Global Select Market under the symbols "GGR"
and "GGROW," respectively, on April 5, 2022.
Gogoro has achieved important milestones in 2021 and 2022,
including strategic partnerships with established local leaders to
expand in China, India, and Indonesia, the world's top three two-wheel
markets, with a combined total addressable market of more than 500
million vehicles.
Earlier this year, Gogoro manufactured its one-millionth smart
battery, and has managed more than 275 million battery swaps to
date, becoming the battery swapping standard for two-wheel vehicles
in Taiwan, powering 97% of all
electric two-wheelers.
"This is a proud moment for the Gogoro team, our customers, and
partners, and an important landmark for sustainable urban mobility.
I personally want to thank Dr. Samuel
Yin for his support from day one and his shared vision for a
better, more sustainable world. We expect Gogoro to continue
transforming urban mobility in the world's most densely populated
cities by changing how people use and share portable energy," said
Horace Luke, Founder, Chairman and
CEO of Gogoro. "Gogoro is committed to accelerating the growth and
adoption of electric two-wheel vehicles, and we are taking a
proactive approach to supporting the development of an open
mobility ecosystem that establishes a foundation for electric urban
refueling. We look forward to embarking on the next chapter of our
journey as a publicly traded company and taking our proven
technologies and offerings to the world's largest two-wheel
markets."
"Gogoro is unrivaled in its battery swapping technology and
ability to enable electric mobility adoption for two-wheel vehicles
in cities. With the proceeds from the business combination, we
expect that Gogoro will have the resources to fully execute against
its vision, and further accelerate its expansion in the world's
largest two-wheel markets," said Homer
Sun, CEO of Poema Global. "We are excited to close this
transaction, and I look forward to continuing to work alongside
Horace and the Gogoro team to make our future of electric urban
mobility a reality."
Transaction Details
As a result of the Business
Combination, we expect Gogoro to receive at least $335M total
cash including $295 million in
proceeds from the oversubscribed PIPE financing commitments
received in connection with the Business Combination, led by top
tier institutional investors and strategic partners, including
Engine No. 1, Generation Investment Management, GoTo Group,
Hon Hai (Foxconn) Technology Group,
Temasek, Ruentex Group and others. Upon closing of the Business
Combination, Homer Sun, CEO of Poema
Global, will join Gogoro's Board of Directors.
Gogoro previously announced that Poema Global is extending the
deadline for shareholders to withdraw their redemption requests to
5:00 pm Eastern Time, on April 1, 2022. Any shareholder wishing to
withdraw a redemption request may do so by contacting Continental
Stock Transfer & Trust Company, at the following email address:
mzimkind@continentalstock.com.
Advisors
Kirkland & Ellis LLP is serving as legal
advisor to Poema Global. Citibank and UBS are serving as joint
placement agents on the PIPE offering. Winston & Strawn LLP is
serving as legal advisor to the placement agents. Wilson Sonsini Goodrich & Rosati is serving
as legal advisor, and Goldman Sachs is serving as financial advisor
to Gogoro.
Additional information about the completed Business Combination
will be provided in a Current Report on Form 8-K to be filed by
Poema Global with the Securities and Exchange Commission and
available at www.sec.gov.
About Gogoro
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/.
Gogoro and Poema Global Investor Contact:
Michael Bowen, ICR, LLC.
+1 212-475-0415
gogoroIR@icrinc.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 and expansion plans, statements
relating to the closing of the transaction, and statements by the
Company's Founder, Chairman and CEO, Gogoro's ability to affect how
people use and share portable energy Gogoro's financial condition,
Gogoro's expected amount of proceeds from the business combination
and use of proceeds from the business combination, and the
potential closing of the business combination between Gogoro and
Poema Global including the timing of 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, as amended or
supplemented, 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.
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SOURCE Gogoro
