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. 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. 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. The industry leader for online information for tax, accounting and finance professionals. Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. 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. Attorney Advertising. He lives in Halifax, Nova Scotia. 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. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. 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. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. However, at one point in mid-November, GGPI stock was trading as high as $16.41. 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.. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, https://www.monteverdelaw.com/case/gores-guggenheim-inc, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Adamis Pharmaceuticals Corp. - ADMP, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Ranger Oil Corp. - ROCC. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. 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. 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. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. 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. However, according to Volvo, only 100 were made in the initial year. Anywhere in between makes it harder to gain customer loyalty. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. 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. 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. 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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. The focus was entirely on internal combustion-powered vehicles. However, if you own, for China, South Carolina and Europe. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. 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. Under the terms of the agreement, GGPI . At $11.20 it's $24 billion. It was a slower month to kick off the year for SPACs. As we move into the merger vote, we think GGPI should be trading closer to $20. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . quotes delayed at least 15 minutes, all others at least 20 minutes. 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. However, thats an entirely different subject than whether you should buy GGPI at todays prices. He lives in Halifax, Nova Scotia. Ingenlath wants customers that will be loyal to the Polestar brand. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. And Im not the only one. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. The factors still affecting EV stock performance could carry on in the months ahead. Shares of GGPI are down a little over 2% as of this writing. . As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). EV maker Polestar going public via a SPAC with Gores Guggenheim. The deal is expected to close later today. Instead, get to know the company a little better. files S-4 for merger with Blade Therapeutics (BBTX). Visit a quote page and your recently viewed tickers will be displayed here. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. Share of GGPI closed up 12% today on news that the company has a deal . Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. 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. 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. 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. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. 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. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Our Standards: The Thomson Reuters Trust Principles. The merger with Polestar via SPAC deal to take it public is finally nearing completion. Still think GGPI is undervalued. Thats especially the case with GGPI stock. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Defends Financial Benefits of IAA Deal. We use cookies to optimize our website and our service. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Many EV enthusiasts see its focus on performance vehicles as a differentiator. [I]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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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 52nd wealthiest person. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Data is a real-time snapshot *Data is delayed at least 15 minutes. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). On July 8,. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . 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. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. SPAC Merger. We earn $400,000 and spend beyond our means. proporcionarte nuestros sitios y aplicaciones; autenticar usuarios, aplicar medidas de seguridad y evitar el spam y los abusos, y. medir el uso que haces de nuestros sitios y aplicaciones. See here for a complete list of exchanges and delays. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. The critical distinction about Polestar is that its not a startup. You should notrely solely upon the research herein forpurposes of transacting securities or other investments, and you areencouraged to conduct your own research and due diligence, and to seekthe advice of a qualifiedsecurities professional beforeyou make anyinvestment. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. Why Chubb Stock Is a Buy. 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. Insurance Doesnt Have to Be Boring. Based on a $49K starting price, the deal is valued at ~$3.2B. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Ultimately, Tyler felt that waiting could get you a better entry point. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. Written by If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Place to discuss GGPI and Polestar. The deal relates primarily to the EV makers Model 3. 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. All quotes delayed a minimum of 15 minutes. Post-merger, itll have a market capitalization of $21.8 billion. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. At least, based on its success so far, and on future projections. Also, dont base a decision to buy or not just on a surface level view of the company. The company is headquartered in Sweden but manufactures its EVs in China. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Second, it currently trades at an attractive valuation relative to its prospects. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. And Im not even a total car geek. 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. What Is the Best EV Stock to Buy Now? Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Objective, data-driven assessments for every public company director and officer. Hertz pushing to be the largest EV rental fleet, adding zero emission models. Since the Swedish electric vehicle (EV) manufacturer announced its merger. However, I also said that investors need not rush to buy the SPAC before the merger happens. Mergers and Acquisitions Lightspeed Commerce Oper Chief Brandon Nussey Steps Down Shopping at Kroger can be up to four times cheaper than eating out, CEO says ACI 0.00% Broadcom stock moves. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Its beginning dates back to. 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 investment in public equity, of $250 million from institutional investors. In 2013, Polestar launched the Volvo S60 Polestar. I also said that, at these prices, GGPI stock would seem like a steal in a few years. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Therefore, it might make sense to buy now before the merger, rather than afterwards. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). An analyst thinks theres a good chance that PayPal will make an acquisition in the next few months and runs through the most likely -- and least likely -- scenarios. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. It will also have a more daring design, InsideEVs reported Ingenlaths comments. Yet while its made this major progress, its not resulting in a big move for shares. Amidst production hiccups at rivals, Polestar is delivering. Because if it runs as Polestar it will do so premarket. These symbols will be available throughout the site during your session. Our 3 Top Picks. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. In what stands to be a pivotal year for the future of the market, we recap January. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. mostrar anuncios y contenido personalizados basados en perfiles de inters; medir la efectividad de los anuncios y el contenido personalizados, y. desarrollar y mejorar nuestros productos y servicios. Polestar touts an asset-light business model as a key differentiator by having existing productions lines provided by backers Volvo and Geely, so it can focus on investing in research. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. . Lorem ipsum dolor sit amet, consectetur adipiscing elit. I recommend taking an in-depth look at this company, its lineup of mass affluent and luxury EVs, and its game plan to take on Tesla (NASDAQ:TSLA), Lucid (NASDAQ:LCID), and the incumbent automakers looking to grab a piece of the electric vehicle market. 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. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Aug. 17 2021, Published 3:11 p.m. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Despite being outside the top 10, its a reasonable amount of exposure. (C) 2021 Monteverde & Associates PC. Approval of the SPAC deal was widely expected. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. 2023 InvestorPlace Media, LLC. Owner Earnings per Share (TTM) explanation, calculation, his 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. Anticipation on GGPI/Polestar merger. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. . As the deal approaches a close, GGPI shares have formed a solid base of support. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. 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. 2023 CNBC LLC. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). GGPI Stock News. It may not be until the supply chain issues are resolved. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The company, which delivered about 10,000 vehicles last year, said it expects to sell about 290,000 vehicles per year by 2025 and plans to launch three new models by 2024. 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. 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. Join the Conversation! Type a symbol or company name. Anticipation on GGPI/Polestar merger. In 2015, Volvo acquired Polestars high-performance business. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. Sam Zaid, CEO of Getaround, joins David Drapkin on the podcast to discus what makes carsharing company Getaround so special and their journey to go public. Two years later, it made a move to electric-powered performance vehicles. , including Geely at a 3.22% weighting. However, what he said next did. Banking giant TD still wants to buy First Horizon a year after megadeal was announced, but the purchase price may drop, given lower sector valuations. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Prior results do not guarantee a similar outcome with respect to any future matter. 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. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. At writing, its at $9.97 per share, just a penny above its debut price. 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 Company has selected December 31 st as its fiscal year-end. It previously said it has another model in development called the Precept, which is a larger sedan. We continue to view GGPI shares as undervalued heading into the merger. Heres why you should consider them. 7 Tech Stocks Worth Snatching Up After Their Tumble. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. ET It has been over a month since the rumor started floating that the SPAC Gores Guggenheim (GGPI) could merge with premium EV manufacturer Polestar. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. . Gores Guggenheim went public with its initial public offering (IPO) in March. Polestars listing gives investors access to an interesting opportunity, however. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The Polestar deal will be supported. Featured. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. The technology is used widely in the vacation rental industry. Anyways we could very well see 20-30$. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. 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 Gravity performance luxury SUV is expected to come to market in North America in 2023. 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. Im 66, we have more than $2 million, I just want to golf can I retire? In December, its currently down almost 16%. Don't take it as financial . The EV just looks nice. Silicon Valley Confronts the End of Growth. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. The opinions expressed in this article are those of the writer, subject to the, Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term, Biden Hears Oval Office Plea for Alaska Oil Project in Lobbying Frenzy, Apple tops ranking of global companies with the most 'green' revenue, UPDATE 2-North Korea says UN should demand end to S.Korea-US military drills, US Treasury puts cost of outbound investment risk program at $10 million, US Jobs Report and Powell Testimony Take Center Stage: Eco Week.