Cuando utilizas nuestros sitios y aplicaciones, usamos. Create an account to follow your favorite communities and start taking part in conversations. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. PublicSq. Shares of GGPI are down a little over 2% as of this writing. Aug. 17 2021, Published 3:11 p.m. . Also, dont base a decision to buy or not just on a surface level view 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. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. 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.. 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 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. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. In 2013, Polestar launched the Volvo S60 Polestar. Copyright 2023 MarketWatch, Inc. All rights reserved. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. from 8 AM - 9 PM ET. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. Prior results do not guarantee a similar outcome with respect to any future matter. 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. The investigation focuses on whether GGPI and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued. Is GGPI a buy now in 2021? 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. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. 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. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. About the Car Design Award. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. Do this now. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. 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. Ends. The technology is used widely in the. The focus was entirely on internal combustion-powered vehicles. It will also have a more daring design, InsideEVs reported Ingenlaths comments. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! 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. Real-time alerts, yields, red flags, filings, investors, and much more. On July 8,. Polestar Announces 270-Mile EPA Range, Power Upgrades, and Efficiency $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 Joel Baglole for In the six weeks since, its moved sideways. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Based on a $49K starting price, the deal is valued at ~$3.2B. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Polestar looks to be a nich brand, which makes GGPI stock attractive here. 2023 InvestorPlace Media, LLC. From the day the Polestar 1 was launched, I have been a fan of the brands designs. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. GGPI / Polestar trades higher on HTZ deal . The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Join the Conversation! 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. When typing in this field, a list of search results will appear and be automatically updated as you type. I also said that, at these prices, GGPI stock would seem like a steal in a few years. quotes delayed at least 15 minutes, all others at least 20 minutes. 7 Tech Stocks Worth Snatching Up After Their Tumble. Its beginning dates back to. Merger : GGPI - Reddit 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. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. The EV just looks nice. I share my. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). ggpi-10q_20210630.htm InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Lifes a beach for this Florida FIRE couple, Cant take statins? 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. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. 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. 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. 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. 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. 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. 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. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. "We don't need the capital to build the factory. Many EV enthusiasts see its focus on performance vehicles as a differentiator. 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. 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. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Ultimately, Tyler felt that waiting could get you a better entry point. 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. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Written by New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. Still think GGPI is undervalued. It was a slower month to kick off the year for SPACs. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Instead, it would be a niche producer of EVs. However, it was what he said Polestar is and isnt that caught my attention. 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. 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. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. [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. Polestar itself is a joint venture between, However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds, Additionally, a possible third alternative here is to buy the. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube However, according to Volvo, only 100 were made in the initial year. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim 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. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. That company provides digital twins of properties. A recovery may not happen until the market has absorbed the changes in economic and market conditions. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. February 28, 2023. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Transaction is expected to be completed in the second quarter of 2022. All quotes are in local exchange time. Mr. Monteverde is recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019, an award given to less than 2.5% of attorneys in a particular field. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Insurance Doesnt Have to Be Boring. Featured. The fact that the company is moving close to 30,000 units this. None of the information contained in this reportconstitutes, oris intended to constitute a recommendation by Boardroom Alphaofany particular security or trading strategy or a determination by BAthat any security or trading strategy is suitable for any specificperson. The 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 Company has selected December 31 st as its fiscal year-end. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). And Im not the only one. The vehicles will be produced at its new factory in Casa Grande, Arizona. 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. Gores Guggenheim went public with its initial public offering (IPO) in March. The company is an established EV maker outside the U.S. but not headquartered in China. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. The funding will be used to. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. 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. 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Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Silicon Valley Confronts the End of Growth. An alternative to Tesla. It was established to help Volvo win the Swedish Touring Car Championship. Ventoux CCM Acquisition Corp. . As we move into the merger vote, we think GGPI should be trading closer to $20. Deal Announcement for ISAA /HYPEBEAST . That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Then I realized it was just a survey. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. While EV stocks were hot as recently as last fall, thats far from the case today. As the deal approaches a close, GGPI shares have formed a solid base of support. SPAC Merger | DealFlow's SPAC News Thats especially the case with GGPI stock. 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. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. It previously said it has another model in development called the Precept, which is a larger sedan. However, if you own, for China, South Carolina and Europe. What happens to my Social Security benefit if my husband dies? Pending SPAC Mergers - Stock Market MBA 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. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook