Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Our 3 Top Picks. Instead, it would be a niche producer of EVs. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. 2023 InvestorPlace Media, LLC. 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. GGPI Stock News. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. PublicSq. Its a New Era for Tech Stocks. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. The company is headquartered in Sweden but manufactures its EVs in China. It is free and there is no cost or obligation to you. Gores Guggenheim went public with its initial public offering (IPO) in March. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. 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. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. At $11.20 it's $24 billion. in July and Gores brought $310 million in cash to the deal after redemptions. The critical distinction about Polestar is that its not a startup. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. The company's listing plan comes as automakers shift their focus to environmentally friendly vehicles amid rising pressure from lawmakers and investors concerned about climate change. So naturally, theCEO had a lot to say on the subject. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. 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. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Our Standards: The Thomson Reuters Trust Principles. quotes delayed at least 15 minutes, all others at least 20 minutes. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Instead, get to know the company a little better. Is GGPI a buy now in 2021? 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. Press question mark to learn the rest of the keyboard shortcuts. After the merger, the combined entity. That company provides digital twins of properties. 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. All quotes delayed a minimum of 15 minutes. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. 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. 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. EV maker Polestar going public via a SPAC with Gores Guggenheim. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. Enthusiasm about the. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. Defends Financial Benefits of IAA Deal. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. However, if you own, for China, South Carolina and Europe. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Its beginning dates back to. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Deal Announcement for ISAA /HYPEBEAST . Since the Swedish electric vehicle (EV) manufacturer announced its merger. Nordstroms off-price Rack stores are struggling. Heres what investors should know moving forward. The deal announcement stated it would close before June 30, 2022. Polestars listing gives investors access to an interesting opportunity, however. 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. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Many EV enthusiasts see its focus on performance vehicles as a differentiator. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Ends. In the six weeks since, its moved sideways. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 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. However, of the two, GELYY stock volumes are a little higher. 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"). 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 deal relates primarily to the EV makers Model 3. files S-4 for merger with Blade Therapeutics (BBTX). 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 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. All rights reserved. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. 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. Aug. 17 2021, Published 3:11 p.m. Intraday Data provided by FACTSET and subject to terms of use. Don't take it as financial . 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. . Source: Jeppe Gustafsson / Shutterstock.com. Subscriber Agreement & Terms of Use | Polestar looks to be a nich brand, which makes GGPI stock attractive here. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The technology is used widely in the. The decision is yours to make. Investors also like the fact a global automotive giant backs Polestar. Sign up for free newsletters and get more CNBC delivered to your inbox. March 1, 2023. Hertz pushing to be the largest EV rental fleet, adding zero emission models. All quotes are in local exchange time. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. Our firm's recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. The focus was entirely on internal combustion-powered vehicles. 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. 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. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. He was right. 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. "We don't need the capital to build the factory. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . An alternative to Tesla. See here for a complete list of exchanges and delays. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. The funding will be used to. 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. You might even get a better price in the process.. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Create an account to follow your favorite communities and start taking part in conversations. Press J to jump to the feed. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Anywhere in between makes it harder to gain customer loyalty. Based on a $49K starting price, the deal is valued at ~$3.2B. 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. GGPI / Polestar trades higher on HTZ deal . New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. 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. Accumulated other comprehensive incom Intraday data delayed at least 15 minutes or per exchange requirements. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. The technical storage or access that is used exclusively for anonymous statistical purposes. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. From the day the Polestar 1 was launched, I have been a fan of the brands designs. At writing, its at $9.97 per share, just a penny above its debut price. But its a very different market now, amidst a more tepid outlook for growth stocks. Shares of GGPI are down a little over 2% as of this writing. Join the Conversation! Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. We earn $400,000 and spend beyond our means. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. 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. However, what he said next did. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Featured. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. Silicon Valley Confronts the End of Growth. 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. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). 2023 CNBC LLC. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Get this delivered to your inbox, and more info about our products and services. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. Approval of the SPAC deal was widely expected. Nasdaq Thats well above where it currently trades under the $11.50 level. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. We use cookies to optimize our website and our service. However, according to Volvo, only 100 were made in the initial year. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. Its safe to say this isnt the best market for an EV company to debut. 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. I share my. The merger with Polestar via SPAC deal to take it public is finally nearing completion. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). 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. 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. Written by 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. News, Media, rumors,and general discussion topics are welcome! 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. 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. Anticipation on GGPI/Polestar merger. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Ingenlath wants customers that will be loyal to the Polestar brand. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Data is a real-time snapshot *Data is delayed at least 15 minutes. The transaction is expected to close in the first half of the year. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. It could continue to deliver similar performance in the short-term. 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. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. It may not be until the supply chain issues are resolved. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Place to discuss GGPI and Polestar. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. . A Polestar will be more progressive and avant-garde; therefore, it will not be loved by everybody, but it will address its fans, Ingenlath stated. In 2015, Volvo acquired Polestars high-performance business. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Post-merger, itll have a market capitalization of $21.8 billion. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. 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. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. It previously said it has another model in development called the Precept, which is a larger sedan. However, over a longer timeframe, it could zoom to price levels well above $20 per share. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Still think GGPI is undervalued. Copy and paste multiple symbols separated by spaces. The Gravity performance luxury SUV is expected to come to market in North America in 2023. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Copyright 2023 InvestorPlace Media, LLC. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Critics of the practice include Warren Buffett. And Im not the only one. 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. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. Lorem ipsum dolor sit amet, consectetur adipiscing elit. We continue to view GGPI shares as undervalued heading into the merger. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Im a big believer in Alec Gores, the chairman behind this SPAC. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Create your Watchlist to save your favorite quotes on Nasdaq.com. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. As you might be aware, post-merger, Polestars existing shareholders will own, .
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