Poema Global (PPGH) Pre-Announces Expectation of Closing Gogoro Deal

Poema Global (PPGH) Pre-Announces Expectation of Closing Gogoro Deal

Poema Global (NASDAQ:PPGH) announced this morning that it expects to close its combination with two-wheeled EV battery charging network Gogoro on April 1, following a shareholder vote at 9:30 am ET tomorrow.

Shareholders have until 5 pm ET April 1 to withdraw their redemption decisions, but as it stands the deal would provide $335 million in gross proceeds to Gogoro. Given the combination includes a $295 million PIPE, this figure implies all but about $40 million of Poema Global’s $345.1 million in trust was initially redeemed, or 88%.

While such a rate is has become fairly standard in the current environment, it is nonetheless a bit of a surprise for a deal that had good press around it going into the final stretch and Poema Global closed above its pro rata trust value at the initial redemption deadline yesterday at $10.04. If it maintains that heading, it should in theory get some redemption withdrawals by shareholders who would rather get more money than less.

Until then, the deal’s proceeds are below its $400 million minimum cash condition, but the press release implies Gogoro could be prepared to waive this. Should the deal close according to plan, the parties expect the combined company’s shares and warrants to trade on the Nasdaq under the symbols “GGR” and “GGROW”, respectively, on April 5.

Poema Global initially announced its $2.3 billion combination with Gogoro on September 16. Taipei-based Gogoro provides branded e-scooters and battery-swapping kiosks for a range of two-wheeled electric vehicles in Taiwan and China, with plans to enter the Indian market through a joint venture with Hero MotoCorp.

Earlier this month, the company announced that it had developed the first swappable solid state battery for two-wheeled EVs and it also manufactured its one-millionth battery to date.


  • 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.