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Shares of GGPI are down a little over 2% as of this writing. However, what he said next did. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Recently, I also suggested that, That company provides digital twins of properties. Gores Guggenheim (GGPI): Polestar Merger Should Entice EV Bulls Cision Distribution 888-776-0942 The company is headquartered in Sweden but manufactures its EVs in China. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. All Rights Reserved. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. All quotes delayed a minimum of 15 minutes. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. 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. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. 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 beginning next year. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq PDF Polestar Signs Agreement to be Publicly Listed Through Combination with Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Anywhere in between makes it harder to gain customer loyalty. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. What happens to my Social Security benefit if my husband dies? 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. Will Ashworth has written about investments full-time since 2008. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. PublicSq. The decision is yours to make. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . "We don't need the capital to build the factory. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Accumulated other comprehensive incom 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. 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. Silicon Valley Confronts the End of Growth. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. , including Geely at a 3.22% weighting. 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. 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. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). The deal announcement stated it would close before June 30, 2022. 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. Second, it currently trades at an attractive valuation relative to its prospects. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. 1125 N. Charles St, Baltimore, MD 21201. from 8 AM - 9 PM ET. Oklahoma voters go to polls on cannabis measure, while Pennsylvania eyes adult-use bill, U.S. companies embark on record borrowing spree, despite paying highest rates since 2009, Salesforce Reports Financial Results Like a Tech Start-Up, Activist Investors Are Finding the Tables Turned, Sleep Country Canada Up 7.7% as 4Q Profit Gets Hush Brand Adjustment Boost, Daseke Chief Operating Officer Rick Williams to Retire, HP Enterprise Posts Strong Earnings Beat, Lifts Guidance, TD bank may reprice major acquisition of First Horizon, analyst says, Lightspeed Commerce Oper Chief Brandon Nussey Steps Down, Shopping at Kroger can be up to four times cheaper than eating out, CEO says, Broadcom stock moves higher after earnings, forecast beat, Ritchie Bros. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. 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. However, thats an entirely different subject than whether you should buy GGPI at todays prices. . 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 transaction is expected to close in the first half of the year. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Its safe to say this isnt the best market for an EV company to debut. 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. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. Since the Swedish electric vehicle (EV) manufacturer announced its merger. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). 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. Press question mark to learn the rest of the keyboard shortcuts. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! The Company has selected December 31 st as its fiscal year-end. Critics of the practice include Warren Buffett. . Im a big believer in Alec Gores, the chairman behind this SPAC. Don't take it as financial . Market is a lot different now versus CCIV/LCID times. In fact, he should be used by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler as an example of the good accomplished with blank-check names. Build your trading network; Follow your favorite assets . But its a very different market now, amidst a more tepid outlook for growth stocks. Will Ashworth has written about investments full-time since 2008. 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. 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. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. 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. Hertz pushing to be the largest EV rental fleet, adding zero emission models. 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. Polestars listing gives investors access to an interesting opportunity, however. As we move into the merger vote, we think GGPI should be trading closer to $20. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. Owner Earnings per Share (TTM) explanation, calculation, his Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. 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. Anticipation on GGPI/Polestar merger. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Prior results do not guarantee a similar outcome with respect to any future matter. 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. After the merger, the combined entity. The higher the price point, the easier it is to pull off. Defends Financial Benefits of IAA Deal. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. I entered GGPI and will increase my position tomorrow tho. 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. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Amidst production hiccups at rivals, Polestar is delivering. Join the Conversation! While EV stocks were hot as recently as last fall, thats far from the case today. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 2023 InvestorPlace Media, LLC. Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The Both stocks are thinly traded over the counter. Despite being outside the top 10, its a reasonable amount of exposure. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. Cuando utilizas nuestros sitios y aplicaciones, usamos. However, of the two, GELYY stock volumes are a little higher. Ends. Gores Guggenheim went public with its initial public offering (IPO) in March. SPAC Merger | DealFlow's SPAC News 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. GGPI / Polestar gaining momentum on 5-Year HTZ Deal "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Then I realized it was just a survey. [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. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Our 3 Top Picks. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). From the day the Polestar 1 was launched, I have been a fan of the brands designs. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Share of GGPI closed up 12% today on news that the company has a deal . 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. Merger : GGPI - Reddit Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Instead, get to know the company a little better. 2023 CNBC LLC. The Gores Group led by chairman Alec Gores and CEO Mark Stone announced the deal between Gores Guggenheim Inc (NASDAQ: GGPI) and electric vehicle company Polestar. It previously said it has another model in development called the Precept, which is a larger sedan. It may not be until the supply chain issues are resolved. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. The industry leader for online information for tax, accounting and finance professionals. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. We use cookies to optimize our website and our service. Ultimately, Tyler felt that waiting could get you a better entry point. These symbols will be available throughout the site during your session. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. SPAC Merger. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. 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. 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. Pending SPAC Mergers - Stock Market MBA Despite being outside the top 10, its a reasonable amount of exposure. Our Standards: The Thomson Reuters Trust Principles. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. GGPI Stock Will Pop Post Merger, But There's Still Time to Buy Data is a real-time snapshot *Data is delayed at least 15 minutes. The merger with Polestar via SPAC deal to take it public is finally nearing completion. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. 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. 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. In 2015, Volvo acquired Polestars high-performance business. Its a New Era for Tech Stocks. The deal relates primarily to the EV makers Model 3. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Ventoux CCM Acquisition Corp. . The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. . The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Its anyones guess when exactly EV stocks will take off again. Investors also like the fact a global automotive giant backs Polestar. 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. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). A recovery may not happen until the market has absorbed the changes in economic and market conditions. 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 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. However, according to Volvo, only 100 were made in the initial year.

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