Don't take it as financial . 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. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. See here for a complete list of exchanges and delays. Ends. The Polestar deal will be supported. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). 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. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. , including Geely at a 3.22% weighting. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). The decision is yours to make. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Visit a quote page and your recently viewed tickers will be displayed here. 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. Will Ashworth has written about investments full-time since 2008. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. 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. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. 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. In the six weeks since, its moved sideways. As we move into the merger vote, we think GGPI should be trading closer to $20. Privacy Notice |
A Division of NBCUniversal. The funding will be used to. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. EV maker Polestar going public via a SPAC with Gores Guggenheim. 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. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. However, of the two, GELYY stock volumes are a little higher. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. 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. 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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. This news follows the September announcement of Polestar's intention to list on Nasdaq in connection with its proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022. This browser is no longer supported at MarketWatch. That said, unlike LCID, which was a pre-revenue, pre-production company, Polestar is very much established, having met its production target of 29,000 cars in 2021. 1125 N. Charles St, Baltimore, MD 21201. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. All told, expectations are high for PSNY stock once it begins trading. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. He particularly enjoys creating model portfolios that stand the test of time. 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 December, its currently down almost 16%. did not have (either directly or indirectly) any positions in the securities mentioned in this article. However, over a longer timeframe, it could zoom to price levels well above $20 per share. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Its beginning dates back to 1996. About the Car Design Award. The deal relates primarily to the EV makers Model 3. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. 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. Create an account to follow your favorite communities and start taking part in conversations. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. It will also have a more daring design, InsideEVs reported Ingenlaths comments. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. In 2015, Volvo acquired Polestars high-performance business. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Prior results do not guarantee a similar outcome with respect to any future matter. 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. Deal Announcement for ISAA /HYPEBEAST . Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. Hertz pushing to be the largest EV rental fleet, adding zero emission models. . This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Its anyones guess when exactly EV stocks will take off again. Shares of GGPI are down a little over 2% as of this writing. Post-merger, itll have a market capitalization of $21.8 billion. Heres what investors should know moving forward. He lives in Halifax, Nova Scotia. Anticipation on GGPI/Polestar merger. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Gores Guggenheim went public with its initial public offering (IPO) in March. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. "We don't need the capital to build the factory. 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. 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. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. The technical storage or access that is used exclusively for statistical purposes. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. The opinions expressed in this article are those of the writer, subject to the, 5 Hypergrowth Stocks With 10X Potential in 2023, Robert Bollinger: Meet the Man Behind Mullens Push Into Commercial EVs, A.I. Get this delivered to your inbox, and more info about our products and services. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Why Chubb Stock Is a Buy. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. 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. Cision Distribution 888-776-0942 We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Our 3 Top Picks. Also, dont base a decision to buy or not just on a surface level view of the company. The deal announcement stated it would close before June 30, 2022. 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. Because if it runs as Polestar it will do so premarket. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. Sure, its excellent that Polestar plans to be sportier, more focused on the driving experience, than it does on being a luxury ride, but these particular words didnt move me. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. Featured. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Joel Baglole for Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. You might even get a better price in the process.. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Transaction is expected to be completed in the second quarter of 2022. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . Defends Financial Benefits of IAA Deal. 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. And Im not the only one. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. 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. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Instead, it would be a niche producer of EVs. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Objective, data-driven assessments for every public company director and officer. On July 8,. The technical storage or access that is used exclusively for anonymous statistical purposes. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. 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. 1125 N. Charles St, Baltimore, MD 21201. Labor representatives at a Nissan Motor Co Ltd plant in the central Mexican state of Morelos have reached an agreement with the Japanese carmaker to hike pay 9% as of April, the union said. 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. However, at one point in mid-November, GGPI stock was trading as high as $16.41. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. What happens to my Social Security benefit if my husband dies? 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. in July and Gores brought $310 million in cash to the deal after redemptions. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . 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. Aug. 17 2021, Published 3:11 p.m. Copyright . Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. It may not be until the supply chain issues are resolved. 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. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. A recovery may not happen until the market has absorbed the changes in economic and market conditions. files S-4 for merger with Blade Therapeutics (BBTX). Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). News, Media, rumors,and general discussion topics are welcome! Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. 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DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. None of the information contained in this reportconstitutes, oris intended to constitute a recommendation by Boardroom Alphaofany particular security or trading strategy or a determination by BAthat any security or trading strategy is suitable for any specificperson. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. He particularly enjoys creating model portfolios that stand the test of time. Yet while its made this major progress, its not resulting in a big move for shares. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Cuando utilizas nuestros sitios y aplicaciones, usamos. 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. GGPI shares starting to regain momentum ahead of merger vote. 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 transaction is expected to close in the first half of the year. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. 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. On the date of publication, Will Ashworth. Despite being outside the top 10, its a reasonable amount of exposure. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Under the terms of the agreement, GGPI . 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. Investors also like the fact a global automotive giant backs Polestar. 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. Silicon Valley Confronts the End of Growth. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Is GGPI a buy now in 2021? At least, based on its success so far, and on future projections. BA sits down with Aria Glasgow, Head of ESG Advisory at Aon, to discuss the intersection ESG and Human Capital and the risk for corporates. The technology is used widely in the vacation rental industry. The factors still affecting EV stock performance could carry on in the months ahead. So far this year, there have only been 11 SPAC listings valued at $25 million or more. As the deal approaches a close, GGPI shares have formed a solid base of support. 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. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. In 2013, Polestar launched the Volvo S60 Polestar. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. The deal is expected to close later today. 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As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Intraday data delayed at least 15 minutes or per exchange requirements. The EV just looks nice. 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. 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. Banjo player, artist, and frittata-maker. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. From the day the Polestar 1 was launched, I have been a fan of the brands designs. Recently, I also suggested that, That company provides digital twins of properties. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. 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. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). 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"). But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. 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. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Two years later, it made a move to electric-powered performance vehicles. Despite being outside the top 10, its a reasonable amount of exposure. Moreover, Polestar put together a very good slide deck presentation . The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. The partnership with Polestar builds on Hertzs announcement last October to offer its customers the largest EV rental fleet in North America and one of the largest in the world. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. The technology is used widely in the. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips.