Taiwan e-scooter brand Gogoro to launch Nasdaq listing on April 5

04/01/2022 01:21 PM
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Photo from Gogoro
Photo from Gogoro's website

Taipei, April 1 (CNA) Taiwan electric scooter maker Gogoro Inc. will list on the Nasdaq Global Select Market in the United States on April 5 after completing a merger with special purpose acquisition company (SPAC) Poema Global Holdings Corp., it said Friday.

The merger, announced in September 2021, is expected to be completed by April 4, paving the way for the new company, which will 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 the merger plan was approved at an extraordinary general meeting held March 31, and Poema Global's shareholders agreed to the merger at their own meeting the same day.

Gogoro shares and warrants will be traded under the symbols "GGR" and "GGROW," respectively, the company said.

It has been 16 years since a Taiwanese company listed in the United States.

Tainan-based Himax Technologies, Inc., a fabless IC designer dedicated to display imaging processing technologies, was the last to do so when it listed on the Nasdaq in 2006.

Gogoro said the merger with Poema Global should raise at least US$335 million in cash for future growth, of which US$295 million will come from private investment in public equity (PIPE) financing commitments received in connection with the deal.

According to Gogoro, top tier institutional investors and strategic partners that have made PIPE commitments include Engine No. 1, Generation Investment Management (founded by former Vice President Al Gore), GoTo Group, Hon Hai (Foxconn) Technology Group, Temasek, Ruentex Group, and Taiwan's National Development Fund.

After the merger, Gogoro said, Poema Global CEO Homer Sun will join Gogoro's board of directors.

The company has achieved important milestones in 2021 and 2022, such as setting up strategic partnerships with established local leaders to expand in China, India, and Indonesia.

Earlier this year, Gogoro said, it rolled out its one millionth smart battery, and has managed more than 275 million battery swaps to date.

In January, Gogoro announced a collaboration with Electrum of Indonesia to develop electric vehicle infrastructure and build an EV ecosystem in the country, which is the third largest two-wheel vehicle market in the world.

(By Han Ting-ting and Frances Huang)

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