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.. However, according to Volvo, only 100 were made in the initial year. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. quotes delayed at least 15 minutes, all others at least 20 minutes. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). The volatility amongst EV manufacturers has been significant in the second half of 2021. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. 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. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. 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. Thats especially the case with GGPI stock. It could continue to deliver similar performance in the short-term. 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. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. 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However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. An alternative to Tesla. Its opening more of them anyway. It was a slower month to kick off the year for SPACs. Copyright The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Type a symbol or company name. The deal relates primarily to the EV makers Model 3. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . 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. 5 Penny Cryptos With the Most Potential for Growth, 3 Cream-of-the-Crop Growth Stocks to Buy for 2023, Gores Guggenheim Stock Will Pop Post Merger, But Theres Still Time to Buy. 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. As the deal approaches a close, GGPI shares have formed a solid base of support. 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. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. . Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. However, over a longer timeframe, it could zoom to price levels well above $20 per share. proporcionarte nuestros sitios y aplicaciones; autenticar usuarios, aplicar medidas de seguridad y evitar el spam y los abusos, y. medir el uso que haces de nuestros sitios y aplicaciones. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. PublicSq. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. Ends. 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. Attorney Advertising. 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. Historical and current end-of-day data provided by FACTSET. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. Both stocks are thinly traded over the counter. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Even if its an SUV such as the Polestar 3, it will have a sleek silhouette, meaning there will be less emphasis on cargo space and more emphasis on propulsion. February 28, 2023. You should notrely solely upon the research herein forpurposes of transacting securities or other investments, and you areencouraged to conduct your own research and due diligence, and to seekthe advice of a qualifiedsecurities professional beforeyou make anyinvestment. . Objective, data-driven assessments for every public company director and officer. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). Joel Baglole for Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. Anyways we could very well see 20-30$. files S-4 for merger with Blade Therapeutics (BBTX). He lives in Halifax, Nova Scotia. 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. Copyright 2023 MarketWatch, Inc. All rights reserved. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Featured. 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. Again, such middling performance could carry on, before and after the deal closing. Deal Announcement for ISAA /HYPEBEAST . Therefore, it might make sense to buy now before the merger, rather than afterwards. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Ultimately, Tyler felt that waiting could get you a better entry point. SPAC Merger. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. You might even get a better price in the process.. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Ventoux CCM Acquisition Corp. . GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). GGPI / Polestar trades higher on HTZ deal . This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Yet while its made this major progress, its not resulting in a big move for shares. Cookie Notice (). Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. See here for a complete list of exchanges and delays. The transaction is expected to close in the first half of the year. So naturally, theCEO had a lot to say on the subject. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. 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. He particularly enjoys creating model portfolios that stand the test of time. Accumulated other comprehensive incom The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Build your trading network; Follow your favorite assets . The Gores Group led by chairman Alec Gores and CEO Mark Stone announced the deal between Gores Guggenheim Inc (NASDAQ: GGPI) and electric vehicle company Polestar. However, GGPI stock drifted. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. . 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. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. At the end of November, I argued that GGPI stock was a better buy for aggressive investors than Rivian (NASDAQ:RIVN) in the long term. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. 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. Im 66, we have more than $2 million, I just want to golf can I retire? He lives in Halifax, Nova Scotia. 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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. When typing in this field, a list of search results will appear and be automatically updated as you type. 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 is an established EV maker outside the U.S. but not headquartered in China. 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. Then I realized it was just a survey. Will Ashworth has written about investments full-time since 2008. However, it was what he said Polestar is and isnt that caught my attention. As you might be aware, post-merger, Polestars existing shareholders will own, . Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Share of GGPI closed up 12% today on news that the company has a deal . 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. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Nordstroms off-price Rack stores are struggling. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. 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. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. In the six weeks since, its moved sideways. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Create an account to follow your favorite communities and start taking part in conversations. 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. Nasdaq EV maker Polestar going public via a SPAC with Gores Guggenheim. In 2015, Volvo acquired Polestars high-performance business. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. 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. 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. Will Ashworth has written about investments full-time since 2008. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Since the Swedish electric vehicle (EV) manufacturer announced its merger. Right now investors are paying. Ive learned in recent years that businesses operating in the middle have less chance of success. Our Standards: The Thomson Reuters Trust Principles. The technical storage or access that is used exclusively for statistical purposes. After the merger, the combined entity. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. 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. Amidst production hiccups at rivals, Polestar is delivering. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. Excluding employee stock compensation from one measure of earnings make them look more favorable. Heres why you should consider them. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. 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. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. API access to institutional grade SPAC database. It doesnt matter if you have $500 in savings or $5 million. All rights reserved. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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. The Polestar deal will be supported. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. On the date of publication, Will Ashworth. All rights reserved. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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 factors still affecting EV stock performance could carry on in the months ahead. 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. News, Media, rumors,and general discussion topics are welcome! Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. In what stands to be a pivotal year for the future of the market, we recap January. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. 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. 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. Thats well above where it currently trades under the $11.50 level. Initial orders are for the Polestar 2 sedan. Whats our next move? Instead, get to know the company a little better. Ingenlath wants customers that will be loyal to the Polestar brand. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. I also said that, at these prices, GGPI stock would seem like a steal in a few years. Despite being outside the top 10, its a reasonable amount of exposure. 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. These symbols will be available throughout the site during your session. Approval of the SPAC deal was widely expected. 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. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Visit a quote page and your recently viewed tickers will be displayed here. 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. The industry leader for online information for tax, accounting and finance professionals. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Real-time alerts, yields, red flags, filings, investors, and much more. And Im not the only one. 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 beginning next year. The technical storage or access that is used exclusively for anonymous statistical purposes. 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. We want to hear from you. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. , including Geely at a 3.22% weighting. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Ultimately, Tyler felt that waiting could get you a better entry point. Join the Conversation! Despite being outside the top 10, its a reasonable amount of exposure. 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. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. Data is a real-time snapshot *Data is delayed at least 15 minutes. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. 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. The company is headquartered in Sweden but manufactures its EVs in China. 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. 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. 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. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. The vehicles will be produced at its new factory in Casa Grande, Arizona. Got a confidential news tip? Get this delivered to your inbox, and more info about our products and services. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. Do this now. 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. The Gravity performance luxury SUV is expected to come to market in North America in 2023. 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 premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. Also, dont base a decision to buy or not just on a surface level view of the company. The focus was entirely on internal combustion-powered vehicles. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. This browser is no longer supported at MarketWatch. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. The Company has selected December 31 st as its fiscal year-end. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). 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. Illusion versus reality. The higher the price point, the easier it is to pull off. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Anticipation on GGPI/Polestar merger. in July and Gores brought $310 million in cash to the deal after redemptions. The critical distinction about Polestar is that its not a startup. Because if it runs as Polestar it will do so premarket. (C) 2021 Monteverde & Associates PC. 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 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. Sign up below to get this incredible offer! GGPI: Gores Guggenheim, Inc. Class A: $0: 10/25/2021: On 9/27/2021 the company announced a pending merger with Polestar Automotive, a global pure play, premium electric vehicle ("EV") company based in Sweden. It is free and there is no cost or obligation to you. The deal announcement stated it would close before June 30, 2022. On July 8,. 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. Provided by Benzinga Since. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. This particular EV play is appealing for two reasons. We earn $400,000 and spend beyond our means. However, if you own, for China, South Carolina and Europe. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. What Is the Best EV Stock to Buy Now? That company provides digital twins of properties. 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. Privacy Notice |
Heres what investors should know moving forward. A Division of NBCUniversal. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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.
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