Shares of special purpose acquisition company Gores Guggenheim Inc (NASDAQ:GGPI) are moving higher Thursday after shareholders approved its proposed business combination with Swedish EV company Polestar.

During the company's special meeting on Wednesday, shareholders voted to approve the proposals required to complete the business combination. Warrant holders also voted to approve the proposals presented at the meeting of the company's warrant holders.

As a result, the closing of the merger is expected to occur Thursday. Polestar is expected to begin trading on the Nasdaq on Friday under the ticker symbol "PSNY."

Polestar is a premium electric performance car company. Its vehicles are currently available and on the road in markets across Europe, North America, China and Asia Pacific.

From Last Week: Gores Guggenheim Soars As Polestar Merger Approaches: Here's How The EV SPAC Looks

GGPI Price Action: Gores Guggenheim has traded between $16.41 and $8.53 over a 52-week period.

The stock was up 2.71% at $11.13 at press time, according to data from Benzinga Pro.

Photo: courtesy of Polestar.

Polestar SPAC Gores Guggenheim Is Higher: Here's Why