I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Share of GGPI closed up 12% today on news that the company has a deal . When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. "We don't need the capital to build the factory. Historical and current end-of-day data provided by FACTSET. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. 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. Anywhere in between makes it harder to gain customer loyalty. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. ggpi-10q_20210630.htm 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. Subscriber Agreement & Terms of Use | 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. 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 reference, LCID, which is still in early production, trades at ~10x 2023E sales. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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"). As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Lifes a beach for this Florida FIRE couple, Cant take statins? 1125 N. Charles St, Baltimore, MD 21201. 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. Two years later, it made a move to electric-powered performance vehicles. However, if you own, for China, South Carolina and Europe. Type a symbol or company name. Cuando utilizas nuestros sitios y aplicaciones, usamos. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. He was right. 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. Post-merger, itll have a market capitalization of $21.8 billion. 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. 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. SPAC Merger. We use cookies to optimize our website and our service. Its safe to say this isnt the best market for an EV company to debut. 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 merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. 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. Will GGPI Stock Spike After the Polestar Merger Announcement? Heres what investors should know moving forward. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Visit a quote page and your recently viewed tickers will be displayed here. Copyright However, it was what he said Polestar is and isnt that caught my attention. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. , including Geely at a 3.22% weighting. Ingenlath wants customers that will be loyal to the Polestar brand. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). read more. He lives in Halifax, Nova Scotia. The company is headquartered in Sweden but manufactures its EVs in China. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. We continue to view GGPI shares as undervalued heading into the merger. EV maker Polestar going public via a SPAC with Gores Guggenheim. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. . Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. All Rights Reserved. It was established to help Volvo win the Swedish Touring Car Championship. Will GGPI Stock Rise More After Polestar Merger Date in 2022? This browser is no longer supported at MarketWatch. Comprehensive research and analytics on every SPAC, sponsor, and deal. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. In December, its currently down almost 16%. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. However, I also said that investors need not rush to buy the SPAC before the merger happens. Do this now. All quotes are in local exchange time. What happens to my Social Security benefit if my husband dies? Mergers and Acquisitions news coverage - MarketWatch The fact that the company is moving close to 30,000 units this. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. In 2013, Polestar launched the Volvo S60 Polestar. 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. Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The What's next for bonds in 2023 after the worst year in history, It broke me: Everyone says you need power of attorney, but nobody tells you how hard it is to use. Place to discuss GGPI and Polestar. Ends. PDF Polestar Signs Agreement to be Publicly Listed Through Combination with Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . 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. Novembers SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs. Join the Conversation! At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. DWAC (Digital World Acquisition) Accumulated other comprehe Plus500. Ultimately, Tyler felt that waiting could get you a better entry point. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. On the date of publication, Will Ashworth. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). However, over a longer timeframe, it could zoom to price levels well above $20 per share. At writing, its at $9.97 per share, just a penny above its debut price. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. However, of the two, GELYY stock volumes are a little higher. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. The technology is used widely in the. Recently, I also suggested that, That company provides digital twins of properties. And Im not the only one. The Polestar deal will be supported. The factors still affecting EV stock performance could carry on in the months ahead. See here for a complete list of exchanges and delays. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq 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. Copyright 2023 MarketWatch, Inc. All rights reserved. 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. As the deal approaches a close, GGPI shares have formed a solid base of support. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. 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. SPAC Merger | DealFlow's SPAC News Its anyones guess when exactly EV stocks will take off again. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. 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. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). 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. 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 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. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Our 3 Top Picks. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. Nordstroms off-price Rack stores are struggling. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. Its opening more of them anyway. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). 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.. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Heres why you should consider them. Joanna has been analyzing and investing in emerging technologies for over two decades, having led the Technology, Media, and Telecom research at several global investment banks, including Mizuho Securities and Canaccord Genuity. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Pending SPAC Mergers - Stock Market MBA Get this delivered to your inbox, and more info about our products and services. That company provides digital twins of properties. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Polestar, the Global Electric Performance Car Company, Signs Agreement If you owned common stock in the Company and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. 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 transaction is expected to close in the first half of the year. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. 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. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. 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. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. And Im not even a total car geek. Our Standards: The Thomson Reuters Trust Principles. Cision Distribution 888-776-0942 As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice.