Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Plus500. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. All quotes are in local exchange time. 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. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. And Im not the only one. However, according to Volvo, only 100 were made in the initial year. It was established to help Volvo win the Swedish Touring Car Championship. GGPI Gores Guggenheim Inc - Ordinary Shares - Class A 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. Type a symbol or company name. Build your trading network; Follow your favorite assets . Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. . 2023 CNBC LLC. He particularly enjoys creating model portfolios that stand the test of time. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger The critical distinction about Polestar is that its not a startup. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. 7 Tech Stocks Worth Snatching Up After Their Tumble. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Will Ashworth has written about investments full-time since 2008. Anywhere in between makes it harder to gain customer loyalty. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Still think GGPI is undervalued. Source: Jeppe Gustafsson / Shutterstock.com. Also, dont base a decision to buy or not just on a surface level view of the company. And Im not even a total car geek. Lifes a beach for this Florida FIRE couple, Cant take statins? Stock Market | Daily Penny Alerts This particular EV play is appealing for two reasons. 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. Initial orders are for the Polestar 2 sedan. Visit a quote page and your recently viewed tickers will be displayed here. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. Therefore, it might make sense to buy now before the merger, rather than afterwards. The company is an established EV maker outside the U.S. but not headquartered in China. While EV stocks were hot as recently as last fall, thats far from the case today. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Intraday data delayed at least 15 minutes or per exchange requirements. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The latest deal will provide a key test of investor appetite for SPAC deals after other such transactions in the electric vehicle sector soured over the past few months. On July 8,. Sept 27 (Reuters) - 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. 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. SPAC Merger | DealFlow's SPAC News Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Im a big believer in Alec Gores, the chairman behind this SPAC. Yet while its made this major progress, its not resulting in a big move for shares. Critics of the practice include Warren Buffett. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Will GGPI Stock Rise More After Polestar Merger Date in 2022? Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. He lives in Halifax, Nova Scotia. We continue to view GGPI shares as undervalued heading into the merger. Gores Guggenheim (GGPI): Polestar Merger Should Entice EV Bulls Mergers and Acquisitions news coverage - MarketWatch Got a confidential news tip? This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. GGPI Stock News. Hertz pushing to be the largest EV rental fleet, adding zero emission models. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. "We don't need the capital to build the factory. Joel Baglole for ggpi-10q_20210630.htm Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Anticipation on GGPI/Polestar merger. That company provides digital twins of properties. Its opening more of them anyway. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. A Division of NBCUniversal. Despite being outside the top 10, its a reasonable amount of exposure. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. 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. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. All told, expectations are high for PSNY stock once it begins trading. 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. So naturally, theCEO had a lot to say on the subject. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. Share of GGPI closed up 12% today on news that the company has a deal . Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Ventoux CCM Acquisition Corp. . American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). The Gravity performance luxury SUV is expected to come to market in North America in 2023. Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News 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. Because if it runs as Polestar it will do so premarket. 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. Ultimately, Tyler felt that waiting could get you a better entry point. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Currently, this stock earns a B rating in my Portfolio Grader. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . At least, based on its success so far, and on future projections. 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. See here for a complete list of exchanges and delays. Sign up below to get this incredible offer! As the deal approaches a close, GGPI shares have formed a solid base of support. Both stocks are thinly traded over the counter. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. 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. Will GGPI Stock Spike After the Polestar Merger Announcement? We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. 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 announcement stated it would close before June 30, 2022. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. 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. Thats especially the case with GGPI stock. After the merger, the combined entity. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. February 28, 2023. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. . 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. 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. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Investors also like the fact a global automotive giant backs Polestar. The Company has selected December 31 st as its fiscal year-end. 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. 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. 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. files S-4 for merger with Blade Therapeutics (BBTX). 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The investigation focuses on whether GGPI and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued. 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. Aug. 17 2021, Published 3:11 p.m. 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. Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The It was established to help Volvo win the Swedish Touring Car Championship. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. First, despite its also-ran reputation, its one of the more promising early stage names in this space. Second, it currently trades at an attractive valuation relative to its prospects. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Enthusiasm about the. But its a very different market now, amidst a more tepid outlook for growth stocks. He was right. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. In 2015, Volvo acquired Polestars high-performance business. The decision is yours to make. 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. 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. Right now investors are paying. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. 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. Since the Swedish electric vehicle (EV) manufacturer announced its merger. See here for a complete list of exchanges and delays. 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. 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. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. The technology is used widely in the. Copyright 2023 MarketWatch, Inc. All rights reserved. Many EV enthusiasts see its focus on performance vehicles as a differentiator. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. The technical storage or access that is used exclusively for statistical purposes. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO.
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