TAIPEI (Taiwan News) — Electronic two-wheeler maker and swappable battery infrastructure provider Gogoro and Poema Global Holdings Corp. (Poema Global) said their previously announced merger was approved at an extraordinary general meeting on Thursday (March 31).
The merger is expected to close on Monday (April 4), according to a Gogoro press release. The new combined company will retain the Gogoro name and its shares are expected to start trading on the Nasdaq Global Select Market under the symbols GGR and GGROW, respectively, on Tuesday (April 5).
As a result of the merger, Gogoro is expected to receive at least US$335 million (NT$9.61 billion) in cash, including US$295 million in proceeds from the oversubscribed private investment in public equity financing commitments. Upon closing of the merger, Homer Sun, CEO of Poema Global, will join Gogoro’s board of directors.
Gogoro achieved several important milestones in 2021 and 2022, including establishing partnerships to expand in China, India, and Indonesia, the world’s top three, two-wheel markets. They have a combined addressable market of more than 500 million vehicles, the Taiwan company said.
The company earlier this year also manufactured its 1 millionth smart battery. To date, Gogoro has carried out more than 275 million battery swaps, while becoming the battery swapping standard for electric scooters in Taiwan, powering 97% of all electric two-wheelers.
“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,” said Horace Luke (陸學森), founder and CEO of Gogoro.
“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.”