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Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. When typing in this field, a list of search results will appear and be automatically updated as you type. Provided by Benzinga Since. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans (C) 2021 Monteverde & Associates PC. Instead, it would be a niche producer of EVs. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. 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 volatility amongst EV manufacturers has been significant in the second half of 2021. It could continue to deliver similar performance in the short-term. From the day the Polestar 1 was launched, I have been a fan of the brands designs. 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. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. Will GGPI Stock Rise More After Polestar Merger Date in 2022? 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. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Is GGPI a buy now in 2021? As the deal approaches a close, GGPI shares have formed a solid base of support. We earn $400,000 and spend beyond our means. Second, it currently trades at an attractive valuation relative to its prospects. See here for a complete list of exchanges and delays. The focus was entirely on internal combustion-powered vehicles. files S-4 for merger with Blade Therapeutics (BBTX). 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. 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 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. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Its anyones guess when exactly EV stocks will take off again. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq First, despite its also-ran reputation, its one of the more promising early stage names in this space. It previously said it has another model in development called the Precept, which is a larger sedan. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. Polestars listing gives investors access to an interesting opportunity, however. 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. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. Polestar Announces 270-Mile EPA Range, Power Upgrades, and Efficiency Lifes a beach for this Florida FIRE couple, Cant take statins? Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. The Company has selected December 31 st as its fiscal year-end. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. Polestar looks to be a nich brand, which makes GGPI stock attractive here. 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. ggpi-10q_20210630.htm Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. 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. Our Standards: The Thomson Reuters Trust Principles. About the Car Design Award. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 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. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Hedge funds sells stakes in Trump SPAC firm DWAC after merger news - CNBC 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. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. NEW YORK, Nov. 29, 2021 /PRNewswire/ -- Juan Monteverde, founder and managing partner of the firm Monteverde & Associates PC ("M&A Firm"), a national securities firm ratedTop 50in the 2018-2020 ISS Securities Class Action Services Report and headquartered at theEmpire State Buildingin New York City, is investigatingGores Guggenheim. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. $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 It was established to help Volvo win the Swedish Touring Car Championship. Yet while its made this major progress, its not resulting in a big move for shares. Plus500. At $11.20 it's $24 billion. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. 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. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Instead, get to know the company a little better. Do this now. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. So naturally, theCEO had a lot to say on the subject. Despite being outside the top 10, its a reasonable amount of exposure. 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. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Its beginning dates back to. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. In what stands to be a pivotal year for the future of the market, we recap January. 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. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. Intraday Data provided by FACTSET and subject to terms of use. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. March 1, 2023. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. He lives in Halifax, Nova Scotia. And Im not even a total car geek. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Both stocks are thinly traded over the counter. 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. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. Our 3 Top Picks. It was a slower month to kick off the year for SPACs. Then I realized it was just a survey. We continue to view GGPI shares as undervalued heading into the merger. Create your Watchlist to save your favorite quotes on Nasdaq.com. Still think GGPI is undervalued. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. 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. He particularly enjoys creating model portfolios that stand the test of time. did not have (either directly or indirectly) any positions in the securities mentioned in this article. The company is an established EV maker outside the U.S. but not headquartered in China. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. SPAC Merger | DealFlow's SPAC News Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. Ultimately, Tyler felt that waiting could get you a better entry point. The focus was entirely on internal combustion-powered vehicles. He was right. News, Media, rumors,and general discussion topics are welcome! When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. This browser is no longer supported at MarketWatch. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Hertz pushing to be the largest EV rental fleet, adding zero emission models. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. 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. Nasdaq 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. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Gores Guggenheim went public with its initial public offering (IPO) in March. 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Gores Guggenheim and Polestar Expected to Close Business - Yahoo! Anywhere in between makes it harder to gain customer loyalty. 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. Gores Guggenheim Stock News and Forecast: GGPI stock sets - FXStreet 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. 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. Silicon Valley Confronts the End of Growth. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. Joel Baglole for Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. As we move into the merger vote, we think GGPI should be trading closer to $20. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. 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. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). He lives in Halifax, Nova Scotia. Moreover, Polestar put together a very good slide deck presentation . He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Approval of the SPAC deal was widely expected. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. The EV just looks nice. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. . Two years later, it made a move to electric-powered performance vehicles. Don't take it as financial . An alternative to Tesla. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. He particularly enjoys creating model portfolios that stand the test of time. Its safe to say this isnt the best market for an EV company to debut. It is free and there is no cost or obligation to you. But its a very different market now, amidst a more tepid outlook for growth stocks. 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. In 2013, Polestar launched the Volvo S60 Polestar. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim Anticipation on GGPI/Polestar merger. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Merging with Colombier Acquisition in $200M Deal. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. The critical distinction about Polestar is that its not a startup. On July 8,. 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. DWAC (Digital World Acquisition) Accumulated other comprehe Heres why you should consider them. However, over a longer timeframe, it could zoom to price levels well above $20 per share. Instead, get to know the company a little better. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). 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Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. However, of the two, GELYY stock volumes are a little higher. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . 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. Merger : GGPI - Reddit 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. 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. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook 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. Ingenlath wants customers that will be loyal to the Polestar brand. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. 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. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. 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. After the merger, the combined entity. And Im not the only one. 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. Create an account to follow your favorite communities and start taking part in conversations. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Got a confidential news tip? 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC A Division of NBCUniversal. On the date of publication, neither LouisNavellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article. Its a New Era for Tech Stocks. 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. Enthusiasm about the. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. Copyright 2023 InvestorPlace Media, LLC. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Transaction is expected to be completed in the second quarter of 2022. 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. 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. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. The factors still affecting EV stock performance could carry on in the months ahead. 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. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. It was established to help Volvo win the Swedish Touring Car Championship. GGPI Stock News. 1125 N. Charles St, Baltimore, MD 21201. See here for a complete list of exchanges and delays.