The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. GGPI / Polestar gaining momentum on 5-Year HTZ Deal Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Intraday data delayed at least 15 minutes or per exchange requirements. Why Chubb Stock Is a Buy. 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. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Will GGPI Stock Rise More After Polestar Merger Date in 2022? 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. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. The technical storage or access that is used exclusively for anonymous statistical purposes. Polestar, the Global Electric Performance Car Company, Signs Agreement Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . 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. The EV just looks nice. 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. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. But its a very different market now, amidst a more tepid outlook for growth stocks. See here for a complete list of exchanges and delays. quotes delayed at least 15 minutes, all others at least 20 minutes. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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Sign up for free newsletters and get more CNBC delivered to your inbox. We want to hear from you. From the day the Polestar 1 was launched, I have been a fan of the brands designs. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. See here for a complete list of exchanges and delays. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Intraday Data provided by FACTSET and subject to terms of use. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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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. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). 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 five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. The decision is yours to make. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. An alternative to Tesla. 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. 2023 InvestorPlace Media, LLC. We earn $400,000 and spend beyond our means. He particularly enjoys creating model portfolios that stand the test of time. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. . About the Car Design Award. Its beginning dates back to. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. . 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. As you might be aware, post-merger, Polestars existing shareholders will own, . 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. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Its opening more of them anyway. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. With all that said, your question is between taking the risk of GGPI tanking after merger vs maybe missing out a huge chunk of gains. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Gores Guggenheim Stock News and Forecast: GGPI stock sets - FXStreet I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. mostrar anuncios y contenido personalizados basados en perfiles de inters; medir la efectividad de los anuncios y el contenido personalizados, y. desarrollar y mejorar nuestros productos y servicios. Market is a lot different now versus CCIV/LCID times. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. However, I also said that investors need not rush to buy the SPAC before the merger happens. SPAC Merger. Get this delivered to your inbox, and more info about our products and services. It may not be until the supply chain issues are resolved. The opinions expressed in this article are those of the writer, subject to the, 5 Hypergrowth Stocks With 10X Potential in 2023, Robert Bollinger: Meet the Man Behind Mullens Push Into Commercial EVs, A.I. Instead, get to know the company a little better. Merger : GGPI - Reddit The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Anyways we could very well see 20-30$. Polestar looks to be a nich brand, which makes GGPI stock attractive here. "We don't need the capital to build the factory. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 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. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Objective, data-driven assessments for every public company director and officer. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Based on a $49K starting price, the deal is valued at ~$3.2B. 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. Mergers and Acquisitions news coverage - MarketWatch As the deal approaches a close, GGPI shares have formed a solid base of support. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Sam Zaid, CEO of Getaround, joins David Drapkin on the podcast to discus what makes carsharing company Getaround so special and their journey to go public. Ingenlath wants customers that will be loyal to the Polestar brand. Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The February 28, 2023. Real-time alerts, yields, red flags, filings, investors, and much more. The technology is used widely in the vacation rental industry. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The higher the price point, the easier it is to pull off. 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. So far this year, there have only been 11 SPAC listings valued at $25 million or more. (C) 2021 Monteverde & Associates PC. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Build your trading network; Follow your favorite assets . Instead, get to know the company a little better. However, GGPI stock drifted. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. However, of the two, GELYY stock volumes are a little higher. However, over a longer timeframe, it could zoom to price levels well above $20 per share. I also said that, at these prices, GGPI stock would seem like a steal in a few years. On July 8,. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. All quotes delayed a minimum of 15 minutes. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Also, dont base a decision to buy or not just on a surface level view of the company. In fact, he should be used by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler as an example of the good accomplished with blank-check names. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. All rights reserved. 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"). However, according to Volvo, only 100 were made in the initial year. Create your Watchlist to save your favorite quotes on Nasdaq.com. All Rights Reserved. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. GGPI shares starting to regain momentum ahead of merger vote. Copy and paste multiple symbols separated by spaces. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. 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. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. 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. He lives in Halifax, Nova Scotia. 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. 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. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Ventoux CCM Acquisition Corp. . Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. 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. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. 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. Polestars listing gives investors access to an interesting opportunity, however. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace What Is the Best EV Stock to Buy Now? with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Anticipation on GGPI/Polestar merger. from 8 AM - 9 PM ET. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Navigating stock market volatility since it all began in 2000. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. Yet while its made this major progress, its not resulting in a big move for shares. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. The deal relates primarily to the EV makers Model 3. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Ive learned in recent years that businesses operating in the middle have less chance of success. 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. Excluding employee stock compensation from one measure of earnings make them look more favorable. You might even get a better price in the process.. Aug. 17 2021, Published 3:11 p.m. Visit a quote page and your recently viewed tickers will be displayed here. GGPI Stock News. Shares of GGPI are down a little over 2% as of this writing. Place to discuss GGPI and Polestar. read more. PublicSq. Thats well above where it currently trades under the $11.50 level. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. Assuming a post-merger tally of approximately 2.15 billion shares, a stock price of $20 on GGPI equates to a $43 billion market cap. In December, its currently down almost 16%. 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. News, Media, rumors,and general discussion topics are welcome! EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC So naturally, theCEO had a lot to say on the subject. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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. 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. For the best MarketWatch.com experience, please update to a modern browser. The critical distinction about Polestar is that its not a startup. I share my. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. $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 Nasdaq Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). InvestorPlace is one of Americas largest, longest-standing independent financial research firms. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. 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. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. 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. The fact that the company is moving close to 30,000 units this. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC Written by For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. 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. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. The transaction is expected to close in the first half of the year. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. All quotes are in local exchange time. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). 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 Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Currently, this stock earns a B rating in my Portfolio Grader. Accumulated other comprehensive incom Don't take it as financial . It is free and there is no cost or obligation to you. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. 1125 N. Charles St, Baltimore, MD 21201. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. In 2013, Polestar launched the Volvo S60 Polestar. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. 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. files S-4 for merger with Blade Therapeutics (BBTX). Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Privacy Notice | On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. Cision Distribution 888-776-0942 Anywhere in between makes it harder to gain customer loyalty. These symbols will be available throughout the site during your session. The industry leader for online information for tax, accounting and finance professionals. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube Sign up below to get this incredible offer! Post-merger, itll have a market capitalization of $21.8 billion. DWAC (Digital World Acquisition) Accumulated other comprehe 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. 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. The factors still affecting EV stock performance could carry on in the months ahead. This browser is no longer supported at MarketWatch.
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