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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. It was a slower month to kick off the year for SPACs. And Im not the only one. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. It will also have a more daring design, InsideEVs reported Ingenlaths comments. Attorney Advertising. All quotes are in local exchange time. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Shares of GGPI are down a little over 2% as of this writing. . Im a big believer in Alec Gores, the chairman behind this SPAC. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. $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 About the Car Design Award. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Intraday data delayed at least 15 minutes or per exchange requirements. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. All Rights Reserved. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Insurance Doesnt Have to Be Boring. Press J to jump to the feed. 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. It could continue to deliver similar performance in the short-term. March 1, 2023. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. 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. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. The technology is used widely in the vacation rental industry. At $11.20 it's $24 billion. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. 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 SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. The focus was entirely on internal combustion-powered vehicles. 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. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. As the deal approaches a close, GGPI shares have formed a solid base of support. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. A buy under $10 would be an excellent entry point, in my opinion. Copyright LOS ANGELES & GOTHENBURG, Sweden, June 21, 2022 -- ( BUSINESS WIRE )--Gores Guggenheim, Inc. ("Gores Guggenheim" or the "Company") (NASDAQ: GGPI, GGPIU and GGPIW), a special purpose acquisition. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. However, over a longer timeframe, it could zoom to price levels well above $20 per share. What happens to my Social Security benefit if my husband dies? The focus was entirely on internal combustion-powered vehicles. The deal announcement stated it would close before June 30, 2022. After the merger, the combined entity. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . GGPI shares starting to regain momentum ahead of merger vote. Our 3 Top Picks. (C) 2021 Monteverde & Associates PC. Owner Earnings per Share (TTM) explanation, calculation, his On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. However, thats an entirely different subject than whether you should buy GGPI at todays prices. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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. 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. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. However, of the two, GELYY stock volumes are a little higher. Our Standards: The Thomson Reuters Trust Principles. And Im not even a total car geek. 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. SPAC Merger. The opinions expressed in this article are those of the writer, subject to the, Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term, Biden Hears Oval Office Plea for Alaska Oil Project in Lobbying Frenzy, Apple tops ranking of global companies with the most 'green' revenue, UPDATE 2-North Korea says UN should demand end to S.Korea-US military drills, US Treasury puts cost of outbound investment risk program at $10 million, US Jobs Report and Powell Testimony Take Center Stage: Eco Week. An analyst thinks theres a good chance that PayPal will make an acquisition in the next few months and runs through the most likely -- and least likely -- scenarios. Source: Jeppe Gustafsson / Shutterstock.com. When typing in this field, a list of search results will appear and be automatically updated as you type. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. 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. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. 2023 InvestorPlace Media, LLC. 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. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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 merger with Polestar via SPAC deal to take it public is finally nearing completion. Thats especially the case with GGPI stock. 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. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. 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. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. 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. A Division of NBCUniversal. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. This browser is no longer supported at MarketWatch. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . The deal is expected to close later today. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. 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. He lives in Halifax, Nova Scotia. 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. Polestar looks to be a nich brand, which makes GGPI stock attractive here. 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. Currently, this stock earns a B rating in my Portfolio Grader. These symbols will be available throughout the site during your session. Navigating stock market volatility since it all began in 2000. 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. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Will Ashworth has written about investments full-time since 2008. The Polestar deal will be supported. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). The decision is yours to make. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. 1125 N. Charles St, Baltimore, MD 21201. In 2015, Volvo acquired Polestars high-performance business. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). 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. 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 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. The higher the price point, the easier it is to pull off. All told, expectations are high for PSNY stock once it begins trading. Critics of the practice include Warren Buffett. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. I entered GGPI and will increase my position tomorrow tho. 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. Banjo player, artist, and frittata-maker. While EV stocks were hot as recently as last fall, thats far from the case today. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Press question mark to learn the rest of the keyboard shortcuts. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. 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. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. Its opening more of them anyway. The technology is used widely in the. Volvo said on Monday it will make additional equity investments in Polestar of up to $600 million and is expected to hold about 50 percent of the combined company. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). The technical storage or access that is used exclusively for anonymous statistical purposes. 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. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. It is free and there is no cost or obligation to you. Initial orders are for the Polestar 2 sedan. , including Geely at a 3.22% weighting. In what stands to be a pivotal year for the future of the market, we recap January. 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. Real-time alerts, yields, red flags, filings, investors, and much more. Do this now. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. What Is the Best EV Stock to Buy Now? The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. An alternative to Tesla. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. In 2013, Polestar launched the Volvo S60 Polestar. Transaction is expected to be completed in the second quarter of 2022. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Anywhere in between makes it harder to gain customer loyalty. This morning, shares of Gores Guggenheim (NASDAQ:GGPI) stock started the day up 5% on news that shareholders have approved its merger with Swedish electric vehicle maker Polestar. The Company has selected December 31 st as its fiscal year-end. Anticipation on GGPI/Polestar merger. Amidst production hiccups at rivals, Polestar is delivering. 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. Second, it currently trades at an attractive valuation relative to its prospects. 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 Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Objective, data-driven assessments for every public company director and officer. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Sign up below to get this incredible offer! He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. Why Chubb Stock Is a Buy. At least two hedge funds sold their stakes in Digital World Acquisition Corp. after that SPAC firm announced plans to merge with former President Donald Trump 's planned social media platform.. Im 66, we have more than $2 million, I just want to golf can I retire? Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Theres even room for more lines. While retail investors on social media tend to focus on powertrain modes and the time from 0-60mph, Polestar management is focused on building a sustainable, dependable car. You might even get a better price in the process., Around the same time as my article, fellow, Chris Tyler argued that technical analysis of the stock suggested the beginning of December. For the best MarketWatch.com experience, please update to a modern browser. It previously said it has another model in development called the Precept, which is a larger sedan. Recently, I also suggested that, That company provides digital twins of properties. [I]f a stock is destined to be a long-term winner (five to 10 years out), there is no rush to run out and buy it. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Under the terms of the agreement, GGPI . Prior results do not guarantee a similar outcome with respect to any future matter. Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. Anyways we could very well see 20-30$. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. 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. Don't take it as financial . Also, dont base a decision to buy or not just on a surface level view of the company. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. We continue to view GGPI shares as undervalued heading into the merger. 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. Ultimately, Tyler felt that waiting could get you a better entry point. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. 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. Create an account to follow your favorite communities and start taking part in conversations. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Will Ashworth has written about investments full-time since 2008. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. Merging with Colombier Acquisition in $200M 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. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Therefore, it might make sense to buy now before the merger, rather than afterwards. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Post-merger, itll have a market capitalization of $21.8 billion. Volkswagen's Scout to build $2 bln plant in South Carolina, Mercedes-Benz begins building battery recycling factory in southern Germany, Reporting by Krystal Hu in New York, Nick Carey in London, Sohini Podder and Anirban Sen in Bengaluru; Editing by Peter Cooney, Krishna Chandra Eluri and Shailesh Kuber, Tesla recalls 3,470 Model Y vehicles over loose bolts, Mexico can't match U.S. incentives for proposed Tesla battery plant, minister says, Ford looking at ways to boost gas-powered F-150 production, Rivian stands by 2023 production target despite media report, Nissan and Mexican workers agree to 9% raise at Morelos plant, union says, Media report that UAE considering leaving OPEC not true - sources, France's nuclear output hit by strike at EDF, As space junk threat grows, government and investors seek solutions, U.S. CDC issues advisory after confirmed measles case in Kentucky, Exclusive news, data and analytics for financial market professionals. See here for a complete list of exchanges and delays. It doesnt matter if you have $500 in savings or $5 million. Again, such middling performance could carry on, before and after the deal closing. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. The vehicles will be produced at its new factory in Casa Grande, Arizona. Sign up for free newsletters and get more CNBC delivered to your inbox. Share of GGPI closed up 12% today on news that the company has a deal . Moreover, Polestar put together a very good slide deck presentation . He particularly enjoys creating model portfolios that stand the test of time. Polestars listing gives investors access to an interesting opportunity, however. 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. . Deal Announcement for ISAA /HYPEBEAST . Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. We earn $400,000 and spend beyond our means. Cision Distribution 888-776-0942 Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. 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.
