However, according to Volvo, only 100 were made in the initial year. Sign up for free newsletters and get more CNBC delivered to your inbox. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. Create an account to follow your favorite communities and start taking part in conversations. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. While EV stocks were hot as recently as last fall, thats far from the case today. Anticipation on GGPI/Polestar merger. All told, expectations are high for PSNY stock once it begins trading. Don't take it as financial . For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. Thats well above where it currently trades under the $11.50 level. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. Polestar Announces 270-Mile EPA Range, Power Upgrades, and Efficiency 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. Copy and paste multiple symbols separated by spaces. Its opening more of them anyway. Ends. Despite being outside the top 10, its a reasonable amount of exposure. 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. 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. Initial orders are for the Polestar 2 sedan. 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. Theres even room for more lines. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. GGPI / Polestar trades higher on HTZ deal . See here for a complete list of exchanges and delays. Create your Watchlist to save your favorite quotes on Nasdaq.com. . If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. However, it was what he said Polestar is and isnt that caught my attention. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. 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. Yet while its made this major progress, its not resulting in a big move for shares. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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. At least, based on its success so far, and on future projections. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. The deal is expected to close later today. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. News, Media, rumors,and general discussion topics are welcome! I entered GGPI and will increase my position tomorrow tho. Moreover, Polestar put together a very good slide deck presentation . files S-4 for merger with Blade Therapeutics (BBTX). The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. 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. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. Pending SPAC Mergers - Stock Market MBA 2023 CNBC LLC. 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. We use cookies to optimize our website and our service. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Our Standards: The Thomson Reuters Trust Principles. 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. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. PDF Polestar Signs Agreement to be Publicly Listed Through Combination with In turn, GGPI stock has fallen back to its original SPAC price of $10 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. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. Get this delivered to your inbox, and more info about our products and services. However, what he said next did. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Ingenlath wants customers that will be loyal to the Polestar brand. 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. However, of the two, GELYY stock volumes are a little higher. 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. And Im not the only one. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Press J to jump to the feed. Visit a quote page and your recently viewed tickers will be displayed here. 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. Thats especially the case with GGPI stock. The transaction is expected to close in the first half of the year. This relationship gives Polestar access to manufacturing in Chinas as well as facilities in Europe and the U.S. Geely has a 2022 target of 1.65 million vehicles. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 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. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. It previously said it has another model in development called the Precept, which is a larger sedan. GGPI/ Polestar revs up on HTZ Deal. DWAC Slammed by Elon's TWTR Stake. 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. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. 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. We earn $400,000 and spend beyond our means. In what stands to be a pivotal year for the future of the market, we recap January. SPAC Merger. Buy GGPI Before The Merger With Polestar - SeekingAlpha GGPI Stock News. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Build your trading network; Follow your favorite assets . This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). At $11.20 it's $24 billion. 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 higher the price point, the easier it is to pull off. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Intraday data delayed at least 15 minutes or per exchange requirements. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. This particular EV play is appealing for two reasons. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). As you might be aware, post-merger, Polestars existing shareholders will own, . Its beginning dates back to 1996. 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. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. 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 funding will be used to. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. 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. Based on a $49K starting price, the deal is valued at ~$3.2B. Share of GGPI closed up 12% today on news that the company has a deal . Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. The vehicles will be produced at its new factory in Casa Grande, Arizona. 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Nasdaq Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. He lives in Halifax, Nova Scotia. 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. Heres what investors should know moving forward. Will Ashworth has written about investments full-time since 2008. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim Inc, assuming no share redemptions by public stockholders of the blank-check firm. 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. . Again, such middling performance could carry on, before and after the deal closing. 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. PublicSq. Insurance Doesnt Have to Be Boring. Im a big believer in Alec Gores, the chairman behind this SPAC. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. 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. As we move into the merger vote, we think GGPI should be trading closer to $20. It doesnt matter if you have $500 in savings or $5 million. Gores Guggenheim went public with its initial public offering (IPO) in March. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Hedge funds sells stakes in Trump SPAC firm DWAC after merger news - CNBC , including Geely at a 3.22% weighting. Press question mark to learn the rest of the keyboard shortcuts. [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. Cookie Notice (). API access to institutional grade SPAC database. 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. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Illusion versus reality. Type a symbol or company name. 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. In 2013, Polestar launched the Volvo S60 Polestar. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Joel Baglole for Ventoux CCM Acquisition Corp. . At writing, its at $9.97 per share, just a penny above its debut price. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Shares of GGPI are down a little over 2% as of this writing. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. After the merger, the combined entity. See here for a complete list of exchanges and delays. 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. 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. Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News Instead, get to know the company a little better. Type a symbol or company name. 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. On July 8,. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. The merger with Polestar via SPAC deal to take it public is finally nearing completion. 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. 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. It will also have a more daring design, InsideEVs reported Ingenlaths comments. Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in June 2022. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. The factors still affecting EV stock performance could carry on in the months ahead. However, thats an entirely different subject than whether you should buy GGPI at todays prices. The critical distinction about Polestar is that its not a startup. He lives in Halifax, Nova Scotia. The Company has selected December 31 st as its fiscal year-end. As the deal approaches a close, GGPI shares have formed a solid base of support. Our 3 Top Picks. 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. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. 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. In 2015, Volvo acquired Polestars high-performance business. Instead, get to know the company a little better. 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. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Written by Privacy Notice | This browser is no longer supported at MarketWatch. Place to discuss GGPI and Polestar. The company is an established EV maker outside the U.S. but not headquartered in China. An alternative to Tesla. Instead, it would be a niche producer of EVs. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . Stock Market | Daily Penny Alerts 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. 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. He particularly enjoys creating model portfolios that stand the test of time. 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. 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. Objective, data-driven assessments for every public company director and officer. read more. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). 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. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. Defends Financial Benefits of IAA Deal. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Got a confidential news tip? Prior results do not guarantee a similar outcome with respect to any future matter. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. The industry leader for online information for tax, accounting and finance professionals. He particularly enjoys creating model portfolios that stand the test of time. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Featured. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq Anyways we could very well see 20-30$. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Is GGPI a buy now in 2021? Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. It may not be until the supply chain issues are resolved. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. 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. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions.