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. We continue to view GGPI shares as undervalued heading into the merger. Navigating stock market volatility since it all began in 2000. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. 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. That said, unlike LCID, which was a pre-revenue, pre-production company, Polestar is very much established, having met its production target of 29,000 cars in 2021. All Rights Reserved. Its anyones guess when exactly EV stocks will take off again. 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. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. The fact that the company is moving close to 30,000 units this. Ends. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. The deal announcement stated it would close before June 30, 2022. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. 1125 N. Charles St, Baltimore, MD 21201. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Moreover, Polestar put together a very good slide deck presentation . Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Type a symbol or company name. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. A buy under $10 would be an excellent entry point, in my opinion. All told, expectations are high for PSNY stock once it begins trading. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Copy and paste multiple symbols separated by spaces. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. 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. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. The deal is expected to close later today. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. 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. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Copyright 2023 MarketWatch, Inc. All rights reserved. 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. However, if you own, for China, South Carolina and Europe. However, what he said next did. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. The company is an established EV maker outside the U.S. but not headquartered in China. Heres what investors should know moving forward. Many EV enthusiasts see its focus on performance vehicles as a differentiator. In the six weeks since, its moved sideways. 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. He particularly enjoys creating model portfolios that stand the test of time. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. EV maker Polestar going public via a SPAC with Gores Guggenheim. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. 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. Deal Announcement for ISAA /HYPEBEAST . The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Its safe to say this isnt the best market for an EV company to debut. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Written by 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. 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. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. It was a slower month to kick off the year for SPACs. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Whats our next move? 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. 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. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). However, at one point in mid-November, GGPI stock was trading as high as $16.41. The focus was entirely on internal combustion-powered vehicles. See here for a complete list of exchanges and delays. 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. 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. 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 technical storage or access that is used exclusively for statistical purposes. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. 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. Despite being outside the top 10, its a reasonable amount of exposure. 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. However, according to Volvo, only 100 were made in the initial year. It may not be until the supply chain issues are resolved. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. 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. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. 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. Im 66, we have more than $2 million, I just want to golf can I retire? 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 post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. What Is the Best EV Stock to Buy Now? Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. I also said that, at these prices, GGPI stock would seem like a steal in a few years. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. 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. ET It has been over a month since the rumor started floating that the SPAC Gores Guggenheim (GGPI) could merge with premium EV manufacturer Polestar. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. He was right. Gores Guggenheim went public with its initial public offering (IPO) in March. Create your Watchlist to save your favorite quotes on Nasdaq.com. These symbols will be available throughout the site during your session. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Critics of the practice include Warren Buffett. Both stocks are thinly traded over the counter. Defends Financial Benefits of IAA Deal. read more. 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. The Polestar deal will be supported. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). 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. in July and Gores brought $310 million in cash to the deal after redemptions. Illusion versus reality. files S-4 for merger with Blade Therapeutics (BBTX). Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. 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. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. Press J to jump to the feed. Place to discuss GGPI and Polestar. (C) 2021 Monteverde & Associates PC. Ingenlath wants customers that will be loyal to the Polestar brand. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The company is headquartered in Sweden but manufactures its EVs in China. Investors also like the fact a global automotive giant backs Polestar. 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. 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. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Polestar looks to be a nich brand, which makes GGPI stock attractive here. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. . Our 3 Top Picks. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. On the date of publication, Will Ashworth. An alternative to Tesla. Ultimately, Tyler felt that waiting could get you a better entry point. Owner Earnings per Share (TTM) explanation, calculation, his The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. At writing, its at $9.97 per share, just a penny above its debut price. 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. The technology is used widely in the. However, it was what he said Polestar is and isnt that caught my attention. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. I entered GGPI and will increase my position tomorrow tho. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. 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. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. 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. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Ive learned in recent years that businesses operating in the middle have less chance of success. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. Lifes a beach for this Florida FIRE couple, Cant take statins? Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. We earn $400,000 and spend beyond our means. 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. Post-merger, itll have a market capitalization of $21.8 billion. , including Geely at a 3.22% weighting. Our Standards: The Thomson Reuters Trust Principles. Source: Jeppe Gustafsson / Shutterstock.com. Do this now. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Copyright Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). 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. But its a very different market now, amidst a more tepid outlook for growth stocks. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Recently, I also suggested that, That company provides digital twins of properties. Objective, data-driven assessments for every public company director and officer. For the best MarketWatch.com experience, please update to a modern browser. When typing in this field, a list of search results will appear and be automatically updated as you type. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. See here for a complete list of exchanges and delays. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. 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. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. Again, such middling performance could carry on, before and after the deal closing. Intraday Data provided by FACTSET and subject to terms of use. Therefore, it might make sense to buy now before the merger, rather than afterwards. Also, dont base a decision to buy or not just on a surface level view of the company. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. 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. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. At least, based on its success so far, and on future projections. Market is a lot different now versus CCIV/LCID times. Joel Baglole for Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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"). On July 8,. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. Thats especially the case with GGPI stock. 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 CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. He lives in Halifax, Nova Scotia. As we move into the merger vote, we think GGPI should be trading closer to $20. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). 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. GGPI Stock News. Merging with Colombier Acquisition in $200M Deal. In December, its currently down almost 16%. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Since the Swedish electric vehicle (EV) manufacturer announced its merger. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Ventoux CCM Acquisition Corp. . However, thats an entirely different subject than whether you should buy GGPI at todays prices. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . At $11.20 it's $24 billion. 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. Second, it currently trades at an attractive valuation relative to its prospects. Don't take it as financial . 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. What happens to my Social Security benefit if my husband dies? SPAC Merger. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. 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. It previously said it has another model in development called the Precept, which is a larger sedan. Share of GGPI closed up 12% today on news that the company has a deal . Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Insurance Doesnt Have to Be Boring. Sign up below to get this incredible offer! 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. February 28, 2023. $GGPI $PSNY @Polestar introduces Tech and Design updates on Polestar 2 The battery is improved increased cell chemistry that provides a higher capacity -This leads to increased range,faster charging, and higher motor output in addition to the design element changes listed in the article 2023 InvestorPlace Media, LLC. 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. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. 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. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. It is free and there is no cost or obligation to you. 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. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. 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. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. 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. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. He lives in Halifax, Nova Scotia. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. All rights reserved. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Based on a $49K starting price, the deal is valued at ~$3.2B. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year.