The new investment at $10 per share comes from Gogoro strategic partner Hero MotoCorp and ESG investor Engine No. 1, bringing total PIPE proceeds to $285 million from $257 million. Existing PIPE investors are primarily strategic investors as well, including Foxconn (TW:2358) and Taiwan’s National Development Fund as well as Temasek and Generation Investment Management.
These new additions do not quite cover the deal’s minimum cash condition of $400 million, and, like much of the SPAC world, Poema Global has been trading below trust value since November. But, it has also not yet to set a date for its shareholder vote and still has plenty of time on its clock.
Poema Global initially announced its $2.3 billion combination with Gogoro in September. Taipei-based Gogoro provides branded e-scooters and battery-swapping kiosks for a range of two-wheeled electric vehicles in Taiwan and China.
India-based Hero MotoCorp is the world’s largest manufacturer of two-wheeled vehicles and the two companies announced a joint venture in April 2021 to roll out e-bikes and scooters with Gogoro technology in India.