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. March 1, 2023. Enthusiasm about the. Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The Critics of the practice include Warren Buffett. It was established to help Volvo win the Swedish Touring Car Championship. However, at one point in mid-November, GGPI stock was trading as high as $16.41. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq 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.. News, Media, rumors,and general discussion topics are welcome! quotes delayed at least 15 minutes, all others at least 20 minutes. In the six weeks since, its moved sideways. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . 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. 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. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. He particularly enjoys creating model portfolios that stand the test of time. 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. 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. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 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. Im a big believer in Alec Gores, the chairman behind this SPAC. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. 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. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. Will GGPI Stock Rise More After Polestar Merger Date in 2022? Will Ashworth has written about investments full-time since 2008. Anywhere in between makes it harder to gain customer loyalty. 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. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Hertz pushing to be the largest EV rental fleet, adding zero emission models. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. Create an account to follow your favorite communities and start taking part in conversations. 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. Initial orders are for the Polestar 2 sedan. Privacy Notice | However, of the two, GELYY stock volumes are a little higher. . Still think GGPI is undervalued. I entered GGPI and will increase my position tomorrow tho. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. , including Geely at a 3.22% weighting. At writing, its at $9.97 per share, just a penny above its debut price. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. GGPI Gores Guggenheim Inc - Ordinary Shares - Class A Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. The technology is used widely in the. The company is an established EV maker outside the U.S. but not headquartered in China. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Copyright 2023 InvestorPlace Media, LLC. 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. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. 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 from next year. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. 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. However, what he said next did. The focus was entirely on internal combustion-powered vehicles. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Do this now. However, I also said that investors need not rush to buy the SPAC before the merger happens. Why Chubb Stock Is a Buy. However, according to Volvo, only 100 were made in the initial year. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. PDF Polestar Signs Agreement to be Publicly Listed Through Combination with From the day the Polestar 1 was launched, I have been a fan of the brands designs. Plus500. Its opening more of them anyway. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Real-time alerts, yields, red flags, filings, investors, and much more. It was a slower month to kick off the year for SPACs. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, butBoardroom Alphacannot guarantee its accuracy and completeness, and thatofthe opinions based thereon. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. If you owned common stock in the Company and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Anyways we could very well see 20-30$. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). That company provides digital twins of properties. Defends Financial Benefits of IAA Deal. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. 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. 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. SPAC Merger. 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 technical storage or access that is used exclusively for anonymous statistical purposes. Share of GGPI closed up 12% today on news that the company has a deal . We use cookies to optimize our website and our service. I share my. Its safe to say this isnt the best market for an EV company to debut. 7 Tech Stocks Worth Snatching Up After Their Tumble. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. About the Car Design Award. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. I also said that, at these prices, GGPI stock would seem like a steal in a few years. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). 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. 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. 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. in July and Gores brought $310 million in cash to the deal after redemptions. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). In 2015, Volvo acquired Polestars high-performance business. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. (C) 2021 Monteverde & Associates PC. He particularly enjoys creating model portfolios that stand the test of time. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Instead, it would be a niche producer of EVs. Im a big believer in Alec Gores, the chairman behind this SPAC. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. See here for a complete list of exchanges and delays. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . 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. Our 3 Top Picks. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Join the Conversation! Thats well above where it currently trades under the $11.50 level. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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]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. 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. The transaction is expected to close in the first half of the year. SPAC Merger. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. All rights reserved. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. 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. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. 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. However, thats an entirely different subject than whether you should buy GGPI at todays prices. Shares of GGPI are down a little over 2% as of this writing. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. It doesnt matter if you have $500 in savings or $5 million. The merger with Polestar via SPAC deal to take it public is finally nearing completion. 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. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. The volatility amongst EV manufacturers has been significant in the second half of 2021. Second, it currently trades at an attractive valuation relative to its prospects. Post-merger, itll have a market capitalization of $21.8 billion. 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. For the best MarketWatch.com experience, please update to a modern browser. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch 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. "We don't need the capital to build the factory. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. 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. Build your trading network; Follow your favorite assets . Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Insurance Doesnt Have to Be Boring. First, despite its also-ran reputation, its one of the more promising early stage names in this space. Moreover, Polestar put together a very good slide deck presentation . . All Rights Reserved. Historical and current end-of-day data provided by FACTSET. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. 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. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). 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. Buy GGPI Before The Merger With Polestar - SeekingAlpha 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. 2023 CNBC LLC. 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. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Pending SPAC Mergers - Stock Market MBA That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. 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. The Gravity performance luxury SUV is expected to come to market in North America in 2023. 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. Heres why you should consider them. The company is headquartered in Sweden but manufactures its EVs in China. Market is a lot different now versus CCIV/LCID times. Its a New Era for Tech Stocks. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. 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. Ultimately, Tyler felt that waiting could get you a better entry point. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. 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. Type a symbol or company name. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. 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. Provided by Benzinga Since. It was established to help Volvo win the Swedish Touring Car Championship. 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. Joel Baglole for Since the Swedish electric vehicle (EV) manufacturer announced its merger. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Recently, I also suggested that, That company provides digital twins of properties. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). However, over a longer timeframe, it could zoom to price levels well above $20 per share. Investors also like the fact a global automotive giant backs Polestar. It is free and there is no cost or obligation to you.
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