Poema (NASDAQ:PPGH) has added $10 million more to its PIPE for EV charging company Gogoro, bringing total PIPE proceeds to $295 million.
The new cash comes as the two companies hit the home stretch in completing the deal. The press release noted that Gogoro expects to tie things up in early April “regardless of redemption levels” although the new additions to the PIPE do not guarantee the transaction will cover its initial $400 million minimum cash condition.
The release did not provide the full terms of the PIPE investment, but a previous addition to Poema’s PIPE announced in January was done at $10 per share and both have been collectively described as an oversubscription of the original PIPE. Existing PIPE investors are primarily strategic investors as well, including Foxconn (TW:2358), Taiwan’s National Development Fund and Temasek and Generation Investment Management.
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.
Gogoro also announced that it expects to exceed its projected 2021 revenue, with unaudited results showing it generated $326.9 million, about 10% over expected. It continues to project about $500.2 million in revenue in 2022E.
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