Electric scooter startup Gogoro has confirmed its date of listing in the US. The company will officially commence listed transactions from April 5th under the ticker symbol GGR.
Gogoro has confirmed its date of listing in the US. The company will initiate listed transactions from April 5th under the ticker symbol GGR, and investors would be able to purchase its stocks from NASDAQ then.
Through SPAC, Gogoro will merge with shell company Poema Global on April 4th, before getting listed the next day. Poema has a current share price of US$9.8.
Gogoro will receive a privately offered fund of approximately US$330 million during the listing process, and additional private funds after being officially listed. These funds will serve as the foundation for the company’s expansion in the three major markets that are China, India, and Southeast Asia.
The battery swapping service “Huan Huan” of Gogoro in China is now online in Hangzhou, Kunming, and Wuxi, with partner Yadea offering the service in 14 retail stores, as well as GoTo, the largest e-commerce group in Southeast Asia, and scooter king Hero Moto from India, forming an alliance with Gogoro. These three major markets possess significant development potential, and are also the main reason for Gogoro’s listing in the US.
Although going public is a milestone for startups, it also comes with a sizable degree of pressure at the same time, since all financial statements are now under scrutiny of all investors in accordance with regulations, which are bound to be ugly for EV businesses who pursue their targets by burning money.
Despite having yet to reveal its financial statements in details, Gogoro announced that the company generated a total revenue of US$326 million (unaudited) in 2021, which is approximately NT$9 billion, and is now aiming to attain US$500 million for 2022. Details on the operation of the company will be revealed in the second quarter at the latest to see if this Taiwanese unicorn is performing well.
With that being said, let’s not forget that Tesla, the most valuable automotive brand right now, had also endured nearly a decade of losses, before steadily achieving surplus for two consecutive years. For the EV industry that exerts a much higher price-to-dream ratio as opposed to other industries, investors would not only have to be good, but also patient and courageous (and perhaps having stronger faith?), in order to stay for the long term.
(Cover photo source: Gogoro)