Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim Inc, assuming no share redemptions by public stockholders of the blank-check firm. Cision Distribution 888-776-0942 Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. We earn $400,000 and spend beyond our means. 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. Banjo player, artist, and frittata-maker. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Ultimately, Tyler felt that waiting could get you a better entry point. Prior results do not guarantee a similar outcome with respect to any future matter. 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. 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. Ive learned in recent years that businesses operating in the middle have less chance of success. Polestar, founded in 2017 by Volvo Car Group (VOLVb.ST) and China's Zhejiang Geely Holding (GEELY.UL), also counts Hollywood actor Leonardo DiCaprio among its investors. Post-merger, itll have a market capitalization of $21.8 billion. API access to institutional grade SPAC database. Contact:Juan E. Monteverde, Esq.MONTEVERDE & ASSOCIATES PCThe Empire State Building350 Fifth Ave. Suite 4405New York, NY 10118United States of America[emailprotected]Tel: (212) 971-1341. 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. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). GGPI / Polestar gaining momentum on 5-Year HTZ Deal Defends Financial Benefits of IAA Deal. It could continue to deliver similar performance in the short-term. The premium EV maker's offering includes two models a hybrid performance car known as Polestar 1 and a fully electric Polestar 2 which are currently on roads across Europe, North America and Asia. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. However, GGPI stock drifted. All Rights Reserved. That company provides digital twins of properties. Build your trading network; Follow your favorite assets . The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. We want to hear from you. Despite being outside the top 10, its a reasonable amount of exposure. 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. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. However, it was what he said Polestar is and isnt that caught my attention. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. Will Ashworth has written about investments full-time since 2008. 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. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Press question mark to learn the rest of the keyboard shortcuts. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch Copyright 2023 InvestorPlace Media, LLC. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans Hertz pushing to be the largest EV rental fleet, adding zero emission models. He lives in Halifax, Nova Scotia. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. 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. Press J to jump to the feed. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. For the best MarketWatch.com experience, please update to a modern browser. Moreover, Polestar put together a very good slide deck presentation . Valuation remains discounted, in our view, at an implied market cap of $26.1 billion ($12.40 and 2.125B shares outstanding), which implies 3.9x 2023E sales. From the day the Polestar 1 was launched, I have been a fan of the brands designs. Right now investors are paying. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Featured. I entered GGPI and will increase my position tomorrow tho. 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. All rights reserved. It was established to help Volvo win the Swedish Touring Car Championship. 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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. Will Ashworth has written about investments full-time since 2008. At $11.20 it's $24 billion. The higher the price point, the easier it is to pull off. 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. 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. However, thats an entirely different subject than whether you should buy GGPI at todays prices. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC The critical distinction about Polestar is that its not a startup. No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. 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. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Cuando utilizas nuestros sitios y aplicaciones, usamos. Ultimately, Tyler felt that waiting could get you a better entry point. Assuming a post-merger tally of approximately 2.15 billion shares, a stock price of $20 on GGPI equates to a $43 billion market cap. The company is headquartered in Sweden but manufactures its EVs in China. Ventoux CCM Acquisition Corp. . Comprehensive research and analytics on every SPAC, sponsor, and deal. 2023 InvestorPlace Media, LLC. Share of GGPI closed up 12% today on news that the company has a deal . I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. The deal announcement stated it would close before June 30, 2022. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Why Chubb Stock Is a Buy. Again, such middling performance could carry on, before and after the deal closing. Enthusiasm about the. If you owned common stock in the Company and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. He was right. Nordstroms off-price Rack stores are struggling. Data is a real-time snapshot *Data is delayed at least 15 minutes. While retail investors on social media tend to focus on powertrain modes and the time from 0-60mph, Polestar management is focused on building a sustainable, dependable car. In 2015, Volvo acquired Polestars high-performance business. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Accumulated other comprehensive incom Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Mr. Monteverde is recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019, an award given to less than 2.5% of attorneys in a particular field. 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. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. It is free and there is no cost or obligation to you. Ingenlath wants customers that will be loyal to the Polestar brand. This particular EV play is appealing for two reasons. company, and Gores Guggenheim, Inc. ("Gores Guggenheim") (Nasdaq: GGPI, GGPIW and GGPIU), a special purpose acquisition company ("SPAC") formed by affiliates of The Gores Group and Guggenheim Capital, LLC, announced today that they have entered into a definitive business combination agreement (the "Business Combination Agreement"). Navigating stock market volatility since it all began in 2000. So far this year, there have only been 11 SPAC listings valued at $25 million or more. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Stock Market | Daily Penny Alerts Also, dont base a decision to buy or not just on a surface level view of the company. He lives in Halifax, Nova Scotia. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. What Is the Best EV Stock to Buy Now? Lifes a beach for this Florida FIRE couple, Cant take statins? All quotes are in local exchange time. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. 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. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Will GGPI Stock Rise More After Polestar Merger Date in 2022? files S-4 for merger with Blade Therapeutics (BBTX). In a media statement, Gores Guggenheim confirmed that its shareholders voted to approve the combination with Polestar which will bring the European EV maker to the public market. Intraday Data provided by FACTSET and subject to terms of use. Visit a quote page and your recently viewed tickers will be displayed here. GGPI - , Reddit Mentions and Sentiments | Memeberg Terminal Im a big believer in Alec Gores, the chairman behind this SPAC. Attorney Advertising. Second, it currently trades at an attractive valuation relative to its prospects. DWAC (Digital World Acquisition) Accumulated other comprehe As we move into the merger vote, we think GGPI should be trading closer to $20. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. He particularly enjoys creating model portfolios that stand the test of time. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. In December, its currently down almost 16%. Then I realized it was just a survey. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. The technology is used widely in the. The funding will be used to. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook The transaction is expected to close in the first half of the year. 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. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Buy GGPI Before The Merger With Polestar - SeekingAlpha GGPI Stock News. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. in July and Gores brought $310 million in cash to the deal after redemptions. , including Geely at a 3.22% weighting. Amidst production hiccups at rivals, Polestar is delivering. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. 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. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. 7 Tech Stocks Worth Snatching Up After Their Tumble. Ends. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. Thats well above where it currently trades under the $11.50 level. Insurance Doesnt Have to Be Boring. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. At the end of November, I argued that GGPI stock was a better buy for aggressive investors than, f a stock is destined to be a long-term winner (five to 10 years out), there is no rush to run out and buy it. As you might be aware, post-merger, Polestars existing shareholders will own, . Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. 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. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). February 28, 2023. 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. Will GGPI Stock Spike After the Polestar Merger Announcement? At least, based on its success so far, and on future projections. The technology is used widely in the vacation rental industry. Is GGPI a buy now in 2021? And Im not even a total car geek. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. In what stands to be a pivotal year for the future of the market, we recap January. 86% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, Stock Prodigy Who Found NIO at $2 Says Buy THIS. 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. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! Im a big believer in Alec Gores, the chairman behind this SPAC. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Objective, data-driven assessments for every public company director and officer. The decision is yours to make. Create an account to follow your favorite communities and start taking part in conversations. 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. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! 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. 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. 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. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. EQT Buys Majority Stake in South Korean Security Provider SK Shieldus, Nagarro 4Q Ebitda Rose; Backs 2023 Outlook, SFS Group 2022 Sales Rose Boosted By Hoffman Acquisition, Ipsen Completes Acquisition of Albireo Pharma. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. The technical storage or access that is used exclusively for statistical purposes. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. 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. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Illusion versus reality. . It is the biggest blank-check merger in the EV sector since Lucid Motors struck a $24-billion deal with Michael Klein's Churchill Capital IV Corp. in February. After the merger, the combined entity. 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. It may not be until the supply chain issues are resolved. Pending SPAC Mergers - Stock Market MBA Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. Gores Guggenheim (GGPI): Polestar Merger Should Entice EV Bulls Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The 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. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. 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. quotes delayed at least 15 minutes, all others at least 20 minutes. The factors still affecting EV stock performance could carry on in the months ahead. Get this delivered to your inbox, and more info about our products and services. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Since the Swedish electric vehicle (EV) manufacturer announced its merger with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Approval of the SPAC deal was widely expected. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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.. These symbols will be available throughout the site during your session. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. This deal received tremendous fanfare as the single-largest ever purchase for electric cars for 100,000 vehicles as well as a partnership with Uber (UBER) to provide 50,000 of those vehicles to its delivery drivers. Instead, it would be a niche producer of EVs. The company raised $550 million in external funding in April and announced plans in June to build Polestar 3 electric sport utility vehicles at Volvo's U.S. plant in South Carolina beginning next year. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well.
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