Global Business and Financial News, Stock Quotes, and Market Data and Analysis. So naturally, theCEO had a lot to say on the subject. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. 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. 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. 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. Copyright 2023 InvestorPlace Media, LLC. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. $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 Its a New Era for Tech Stocks. 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. Second, it currently trades at an attractive valuation relative to its prospects. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. All quotes delayed a minimum of 15 minutes. Thats well above where it currently trades under the $11.50 level. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. 7 Tech Stocks Worth Snatching Up After Their Tumble. 86% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, Stock Prodigy Who Found NIO at $2 Says Buy THIS. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Excluding employee stock compensation from one measure of earnings make them look more favorable. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. 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. 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. However, it was what he said Polestar is and, The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . The funding will be used to. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. 1125 N. Charles St, Baltimore, MD 21201. All rights reserved. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Provided by Benzinga Since. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. 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. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. Gores Guggenheim went public with its initial public offering (IPO) in March. 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. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Its opening more of them anyway. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. 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. 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. However, it was what he said Polestar is and isnt that caught my attention. Banjo player, artist, and frittata-maker. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Insurance Doesnt Have to Be Boring. Post-merger, itll have a market capitalization of $21.8 billion. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. He lives in Halifax, Nova Scotia. While EV stocks were hot as recently as last fall, thats far from the case today. At least, based on its success so far, and on future projections. Historical and current end-of-day data provided by FACTSET. He particularly enjoys creating model portfolios that stand the test of time. The technical storage or access that is used exclusively for anonymous statistical purposes. However, over a longer timeframe, it could zoom to price levels well above $20 per share. The vehicles will be produced at its new factory in Casa Grande, Arizona. However, GGPI stock drifted. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. 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. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. 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. SPAC Merger. Source: Jeppe Gustafsson / Shutterstock.com. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. On the date of publication, Will Ashworth. 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. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. Anywhere in between makes it harder to gain customer loyalty. March 1, 2023. A recovery may not happen until the market has absorbed the changes in economic and market conditions. 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. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Build your trading network; Follow your favorite assets . Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Anticipation on GGPI/Polestar merger. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Under the terms of the agreement, GGPI . Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). All rights reserved. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Instead, get to know the company a little better. did not have (either directly or indirectly) any positions in the securities mentioned in this article. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Instead, it would be a niche producer of EVs. 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Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. 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. Our 3 Top Picks. 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. 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. 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. 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. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. See here for a complete list of exchanges and delays. 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. The transaction is expected to close in the first half of the year. files S-4 for merger with Blade Therapeutics (BBTX). Its beginning dates back to 1996. 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. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Data is a real-time snapshot *Data is delayed at least 15 minutes. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. This browser is no longer supported at MarketWatch. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Approval of the SPAC deal was widely expected. 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. Visit a quote page and your recently viewed tickers will be displayed here. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. About the Car Design Award. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. 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. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. 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. Type a symbol or company name. And Im not the only one. The company is headquartered in Sweden but manufactures its EVs in China. 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 volatility amongst EV manufacturers has been significant in the second half of 2021. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. Comprehensive research and analytics on every SPAC, sponsor, and deal. Anticipation on GGPI/Polestar merger. Why Chubb Stock Is a Buy. . Its safe to say this isnt the best market for an EV company to debut. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. However, thats an entirely different subject than whether you should buy GGPI at todays prices. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. We want to hear from you. But its a very different market now, amidst a more tepid outlook for growth stocks. Because if it runs as Polestar it will do so premarket. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. He particularly enjoys creating model portfolios that stand the test of time. Deal Announcement for ISAA /HYPEBEAST . 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. The Gravity performance luxury SUV is expected to come to market in North America in 2023. 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. Our firm's recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Type a symbol or company name. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. 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. read more. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. 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 opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Our Standards: The Thomson Reuters Trust Principles. Don't take it as financial . What Is the Best EV Stock to Buy Now? InvestorPlace is one of Americas largest, longest-standing independent financial research firms. However, what he said next did. 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. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. 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. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Amidst production hiccups at rivals, Polestar is delivering. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. 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. Ingenlath wants customers that will be loyal to the Polestar brand. Get this delivered to your inbox, and more info about our products and services. Theres even room for more lines. Polestar looks to be a nich brand, which makes GGPI stock attractive here. 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. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. 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. The focus was entirely on internal combustion-powered vehicles. It was established to help Volvo win the Swedish Touring Car Championship. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Still think GGPI is undervalued. 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 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. API access to institutional grade SPAC database. In what stands to be a pivotal year for the future of the market, we recap January.

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