The technical storage or access that is used exclusively for anonymous statistical purposes. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Ventoux CCM Acquisition Corp. . Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). . Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Get this delivered to your inbox, and more info about our products and services. However, it was what he said Polestar is and, The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. With all that said, your question is between taking the risk of GGPI tanking after merger vs maybe missing out a huge chunk of gains. The fact that the company is moving close to 30,000 units this. Sign up for free newsletters and get more CNBC delivered to your inbox. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Thats well above where it currently trades under the $11.50 level. from 8 AM - 9 PM ET. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Create an account to follow your favorite communities and start taking part in conversations. In December, its currently down almost 16%. 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GGPI - , Reddit Mentions and Sentiments | Memeberg Terminal Polestar / Gores Guggenheim Inc.(GGPI) made a splash this morning, announcing a partnership with Hertz (HTZ) that includes purchasing up to 65,000 electric vehicles (EVs) over five years. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. And Im not the only one. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. About the Car Design Award. Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! Featured. After the merger, the combined entity. Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. All told, expectations are high for PSNY stock once it begins trading. Both stocks are thinly traded over the counter. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. On July 8,. Objective, data-driven assessments for every public company director and officer. Anyways we could very well see 20-30$. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. The deal with Gores Guggenheim (GGPI.O) will provide Polestar cash proceeds of over $1 billion, including $800 million from the special purpose acquisition company (SPAC), and a PIPE, or private. . This announcement comes alongside ongoing Over-The-Air (OTA) updates that are delivering new features to Polestar 2 owners and pre-empts a future option to purchase a performance software upgrade that adds an extra 67-hp for the dual-motor variant. Heres why you should consider them. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq Its safe to say this isnt the best market for an EV company to debut. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. 5 Penny Cryptos With the Most Potential for Growth, 3 Cream-of-the-Crop Growth Stocks to Buy for 2023, Gores Guggenheim Stock Will Pop Post Merger, But Theres Still Time to Buy. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Provided by Benzinga Since. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Higher interest rates aren't deterring companies with high credit ratings from borrowing in the U.S. corporate bond market at a record clip in 2023. Im a big believer in Alec Gores, the chairman behind this SPAC. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Hertz pushing to be the largest EV rental fleet, adding zero emission models. For the best MarketWatch.com experience, please update to a modern browser. He particularly enjoys creating model portfolios that stand the test of time. The company is headquartered in Sweden but manufactures its EVs in China. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. The deal is expected to close later today. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Intraday data delayed at least 15 minutes or per exchange requirements. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Don't take it as financial . After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook This browser is no longer supported at MarketWatch. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds for the purpose of effecting a merger, capital stock exchange, asset. Our 3 Top Picks. The merger with Polestar via SPAC deal to take it public is finally nearing completion. Ingenlath wants customers that will be loyal to the Polestar brand. Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in June 2022. quotes delayed at least 15 minutes, all others at least 20 minutes. Because if it runs as Polestar it will do so premarket. An alternative to Tesla. "We don't need the capital to build the factory. Post-merger, itll have a market capitalization of $21.8 billion. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Attorney Advertising. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. At the end of November, I argued that GGPI stock was a better buy for aggressive investors than Rivian (NASDAQ:RIVN) in the long term. Will GGPI Stock Spike After the Polestar Merger Announcement? Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Why Chubb Stock Is a Buy. Despite being outside the top 10, its a reasonable amount of exposure. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. Despite being outside the top 10, its a reasonable amount of exposure. Oklahoma's governor set a special vote for March 7 after a pot referendum was pulled off the November ballot, and in Pennsylvania, a lawmaker launched new bill. Boardroom Alpha does not accept any liability for any direct,indirector consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed. Around the same time as my article, fellow InvestorPlace contributor Chris Tyler argued that technical analysis of the stock suggested the beginning of December wasnt the time to buy either. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. It may not be until the supply chain issues are resolved. It will also have a more daring design,, The CEO came out and said Polestar wasnt going to be, As I stated in January, I think GGPI stock soon to be. Heres what investors should know moving forward. The investigation focuses on whether GGPI and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued. However, of the two, GELYY stock volumes are a little higher. (C) 2021 Monteverde & Associates PC. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. What happens to my Social Security benefit if my husband dies? The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. Since the Swedish electric vehicle (EV) manufacturer announced its merger. Sign up below to get this incredible offer! The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Again, such middling performance could carry on, before and after the deal closing. Type a symbol or company name. Polestar joins other EV makers in the public market, including Tesla (TSLA.O) and Lucid Motors (LCID.O), which went public in a $24 billion SPAC deal in February. Even if its an SUV such as the Polestar 3, it will have a sleek silhouette, meaning there will be less emphasis on cargo space and more emphasis on propulsion. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Merger : GGPI - Reddit Market is a lot different now versus CCIV/LCID times. The critical distinction about Polestar is that its not a startup. Swedish electric-car maker Polestar said on Monday it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. GGPI hasn't announced a definitive merger date with Polestar but the two companies expect to complete the business combination in the first half of 2022. And Im not even a total car geek. Joel Baglole for Anticipation on GGPI/Polestar merger. Silicon Valley Confronts the End of Growth. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Therefore, it might make sense to buy now before the merger, rather than afterwards. Prior results do not guarantee a similar outcome with respect to any future matter. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. Source: Jeppe Gustafsson / Shutterstock.com. Its a New Era for Tech Stocks. Its beginning dates back to. However, I also said that investors need not rush to buy the SPAC before the merger happens. So far this year, there have only been 11 SPAC listings valued at $25 million or more. The transaction is expected to close in the first half of the year. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC , including Geely at a 3.22% weighting. You might even get a better price in the process., Around the same time as my article, fellow, Chris Tyler argued that technical analysis of the stock suggested the beginning of December. 1125 N. Charles St, Baltimore, MD 21201. This particular EV play is appealing for two reasons. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. The deal comes at a time when large SPAC mergers have become rare, as the business of blank-check dealmaking deteriorated rapidly over the summer after investors were spooked by the poor financial performance of many SPACs and a regulatory crackdown led by the U.S. Securities and Exchange Commission over their disclosures. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. He was right. Build your trading network; Follow your favorite assets . Polestar itself is a joint venture between, However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds, Additionally, a possible third alternative here is to buy the. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Enthusiasm about the. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. It will also have a more daring design, InsideEVs reported Ingenlaths comments. The deal comes at a time when large SPAC mergers have become rare, as the business of blank-check dealmaking deteriorated rapidly over the summer after investors were spooked by the poor financial performance of many SPACs and a regulatory crackdown led by the U.S. Securities and Exchange Commission over their disclosures. AONs Aria Glasgow on Managing ESG and Human Capital Risk, Korn Ferrys Anthony Goodman on the Importance of Board Evaluations, Podcast: Getaround CEO Sam Zaid on Carsharing and Going Public, What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners, Podcast: Li-Cycles (LICY) Ajay Kochhar on Lithium Ion Battery Recycling and EVs, SPAC Podcast: Alliance Entertainment & Adara Acquisition. Instead, get to know the company a little better. Cookie Notice (). See here for a complete list of exchanges and delays. GGPI shares starting to regain momentum ahead of merger vote. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. API access to institutional grade SPAC database. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. Im a big believer in Alec Gores, the chairman behind this SPAC. To the extent anyof the information contained herein may bedeemed to be investment advice, such information is impersonal and nottailored to the investment needs of any specific person. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. If youre investing in AI stocks, watch out for these revenue and earnings tricks, After loss against Meta, Lina Khans ability to rein in Big Tech with the FTC is being questioned, Veris Residential and Rogers Stock See Action From Activist Investors, The U.S. housing market is crumbling under the weight of higher mortgage rates and rock-bottom affordability: Prices fell the most in these U.S. states, Am I crazy? After my mother died, my cousin took her designer purse, and my aunt took 8 paintings from her home then things really escalated. This relationship gives Polestar access to manufacturing in Chinas as well as facilities in Europe and the U.S. Geely has a 2022 target of 1.65 million vehicles. Whats our next move? A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. Real-time alerts, yields, red flags, filings, investors, and much more. A buy under $10 would be an excellent entry point, in my opinion. ggpi-10q_20210630.htm Presumably, the deal, which will result in the company taking on the Polestar name, and GGPI stock becoming PSNY stock, will close not too long after that. It doesnt matter if you have $500 in savings or $5 million. GGPI/ Polestar revs up on HTZ Deal. DWAC Slammed by Elon's TWTR Stake. Polestars listing gives investors access to an interesting opportunity, however. The higher the price point, the easier it is to pull off. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim, assuming no share redemptions by public stockholders of the blank-check firm. Got a confidential news tip? However, what he said next did. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. GGPI: Gores Guggenheim, Inc. Class A: $0: 10/25/2021: On 9/27/2021 the company announced a pending merger with Polestar Automotive, a global pure play, premium electric vehicle ("EV") company based in Sweden. Novembers SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs. Many EV enthusiasts see its focus on performance vehicles as a differentiator. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. 2023 InvestorPlace Media, LLC. In 2013, Polestar launched the Volvo S60 Polestar. It could continue to deliver similar performance in the short-term. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. Owner Earnings per Share (TTM) explanation, calculation, his We want to hear from you. It was a slower month to kick off the year for SPACs. As I stated in January, I think GGPI stock soon to be PSNY once the merger is completed is an excellent long-term buy, primarily because it already has sold 29,000 vehicles (2021), it expects to produce 65,000 in 2022 and 290,000 annually by 2025. Share of GGPI closed up 12% today on news that the company has a deal . 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At least two hedge funds sold their stakes in Digital World Acquisition Corp. after that SPAC firm announced plans to merge with former President Donald Trump 's planned social media platform.. In fact, he should be used by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler as an example of the good accomplished with blank-check names. GGPI / Polestar trades higher on HTZ deal . The focus was entirely on internal combustion-powered vehicles. All rights reserved. Volvo said on Monday it will make additional equity investments in Polestar of up to $600 million and is expected to hold about 50 percent of the combined company. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News Copyright It is free and there is no cost or obligation to you. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Join the Conversation! In 2015, Volvo acquired Polestars high-performance business. Is GGPI a buy now in 2021? Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. We are a national class action securities litigation law firm that has recovered millions of dollars and is committed to protecting shareholders from corporate wrongdoing. Second, it currently trades at an attractive valuation relative to its prospects. Press question mark to learn the rest of the keyboard shortcuts. Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). read more. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. GGPI Stock News. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. In what stands to be a pivotal year for the future of the market, we recap January. So naturally, theCEO had a lot to say on the subject. 7 Tech Stocks Worth Snatching Up After Their Tumble. This morning, shares of Gores Guggenheim (NASDAQ:GGPI) stock started the day up 5% on news that shareholders have approved its merger with Swedish electric vehicle maker Polestar. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Ive learned in recent years that businesses operating in the middle have less chance of success. Assuming it hits its growth targets, delivering a six-figure amount of vehicles annually, and generating tens of billions in annual sales, within three years. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. The latest deal will provide a key test of investor appetite for SPAC deals after other such transactions in the electric vehicle sector soured over the past few months. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Accumulated other comprehensive incom I also said that, at these prices, GGPI stock would seem like a steal in a few years. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Ultimately, Tyler felt that waiting could get you a better entry point. LOS ANGELES & GOTHENBURG, Sweden, June 21, 2022 -- ( BUSINESS WIRE )--Gores Guggenheim, Inc. ("Gores Guggenheim" or the "Company") (NASDAQ: GGPI, GGPIU and GGPIW), a special purpose acquisition. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. The Company has selected December 31 st as its fiscal year-end. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Polestar's listing plan comes as automakers shift their focus to environment-friendly vehicles, amid rising pressure from lawmakers and investors concerned about climate change. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. Copy and paste multiple symbols separated by spaces. The volatility amongst EV manufacturers has been significant in the second half of 2021. All rights reserved. 2023 CNBC LLC. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. in July and Gores brought $310 million in cash to the deal after redemptions. DWAC (Digital World Acquisition) Accumulated other comprehe On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Approval of the SPAC deal was widely expected. Joanna has been analyzing and investing in emerging technologies for over two decades, having led the Technology, Media, and Telecom research at several global investment banks, including Mizuho Securities and Canaccord Genuity. Anywhere in between makes it harder to gain customer loyalty. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. What's next for bonds in 2023 after the worst year in history, It broke me: Everyone says you need power of attorney, but nobody tells you how hard it is to use. He lives in Halifax, Nova Scotia. Its beginning dates back to 1996. EV maker Polestar going public via a SPAC with Gores Guggenheim. However, GGPI stock drifted. Amidst a proxy fight with Trian, Walt Disney Co. (DIS) announced that it will cut ~7k jobs as part of a $5.5B cost savings plan. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar.

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