Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. Investors also like the fact a global automotive giant backs Polestar. Sure, its excellent that Polestar plans to be sportier, more focused on the driving experience, than it does on being a luxury ride, but these particular words didnt move me. 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. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. At writing, its at $9.97 per share, just a penny above its debut price. 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. 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. 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. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . It previously said it has another model in development called the Precept, which is a larger sedan. SPAC Merger. EV maker Polestar going public via a SPAC with Gores Guggenheim. The vehicles will be produced at its new factory in Casa Grande, Arizona. Instead, get to know the company a little better. It will also have a more daring design,, The CEO came out and said Polestar wasnt going to be, As I stated in January, I think GGPI stock soon to be. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Moreover, Polestar put together a very good slide deck presentation . Cision Distribution 888-776-0942 These symbols will be available throughout the site during your session. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. You might even get a better price in the process.. Its anyones guess when exactly EV stocks will take off again. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Defends Financial Benefits of IAA Deal. Nordstroms off-price Rack stores are struggling. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Anticipation on GGPI/Polestar merger. It was a slower month to kick off the year for SPACs. Matterport merged with Gores Holdings VI back 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. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Accumulated other comprehensive incom GGPI hasn't announced a definitive merger date with Polestar but the two companies expect to complete the business combination in the first half of 2022. SPAC Merger. 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. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. News, Media, rumors,and general discussion topics are welcome! After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Critics of the practice include Warren Buffett. 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. 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. Its beginning dates back to. Its safe to say this isnt the best market for an EV company to debut. 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. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. Enthusiasm about the. All quotes are in local exchange time. Polestar looks to be a nich brand, which makes GGPI stock attractive here. 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. We earn $400,000 and spend beyond our means. 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. I entered GGPI and will increase my position tomorrow tho. The decision is yours to make. 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. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Ends. Copy and paste multiple symbols separated by spaces. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). The Polestar deal will be supported. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The deal announcement stated it would close before June 30, 2022. Cookie Notice (). SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Joanna has been analyzing and investing in emerging technologies for over two decades, having led the Technology, Media, and Telecom research at several global investment banks, including Mizuho Securities and Canaccord Genuity. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. 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. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. Get this delivered to your inbox, and more info about our products and services. Again, such middling performance could carry on, before and after the deal closing. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Many EV enthusiasts see its focus on performance vehicles as a differentiator. Anticipation on GGPI/Polestar merger. The technology is used widely in the vacation rental industry. Deal Announcement for ISAA /HYPEBEAST . In December, its currently down almost 16%. Press J to jump to the feed. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. The company is an established EV maker outside the U.S. but not headquartered in China. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. 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. Our 3 Top Picks. 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. 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. 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. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Sign up below to get this incredible offer! 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. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Cuando utilizas nuestros sitios y aplicaciones, usamos. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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 industry leader for online information for tax, accounting and finance professionals. Aug. 17 2021, Published 3:11 p.m. 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. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. All told, expectations are high for PSNY stock once it begins trading. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. Recently, I also suggested that, That company provides digital twins of properties. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. 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. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. What Is the Best EV Stock to Buy Now? We want to hear from you. Lifes a beach for this Florida FIRE couple, Cant take statins? did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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. (C) 2021 Monteverde & Associates PC. At $11.20 it's $24 billion. Objective, data-driven assessments for every public company director and officer. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. However, GGPI stock drifted. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The funding will be used to. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. That company provides digital twins of properties. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. It could continue to deliver similar performance in the short-term. Second, it currently trades at an attractive valuation relative to its prospects. Got a confidential news tip? Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. So far this year, there have only been 11 SPAC listings valued at $25 million or more. The higher the price point, the easier it is to pull off. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Both stocks are thinly traded over the counter. I also said that, at these prices, GGPI stock would seem like a steal in a few years. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Merging with Colombier Acquisition in $200M Deal. Then I realized it was just a survey. 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. As the deal approaches a close, GGPI shares have formed a solid base of support. It was established to help Volvo win the Swedish Touring Car Championship. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. But its a very different market now, amidst a more tepid outlook for growth stocks. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. While EV stocks were hot as recently as last fall, thats far from the case today. It doesnt matter if you have $500 in savings or $5 million. Copyright 2023 InvestorPlace Media, LLC. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. We use cookies to optimize our website and our service. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. The focus was entirely on internal combustion-powered vehicles. Provided by Benzinga Since. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Ventoux CCM Acquisition Corp. . Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. The company is headquartered in Sweden but manufactures its EVs in China. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. 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. 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. 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. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. 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. Join the Conversation! InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. Is GGPI a buy now in 2021? GGPI / Polestar trades higher on HTZ deal . Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. He particularly enjoys creating model portfolios that stand the test of time. This particular EV play is appealing for two reasons. However, of the two, GELYY stock volumes are a little higher. A buy under $10 would be an excellent entry point, in my opinion. GGPI shares starting to regain momentum ahead of merger vote. On the date of publication, Will Ashworth. 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. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Ingenlath wants customers that will be loyal to the Polestar brand. Don't take it as financial . 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. Plus500. Source: Jeppe Gustafsson / Shutterstock.com. read more. In the six weeks since, its moved sideways. Shares of GGPI are down a little over 2% as of this writing. 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. Since the Swedish electric vehicle (EV) manufacturer announced its merger. Theres even room for more lines. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. 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. Featured. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. Historical and current end-of-day data provided by FACTSET. 1125 N. Charles St, Baltimore, MD 21201. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. 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. Will Ashworth has written about investments full-time since 2008. 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. A Polestar will be more progressive and avant-garde; therefore, it will not be loved by everybody, but it will address its fans, Ingenlath stated. Im a big believer in Alec Gores, the chairman behind this SPAC. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Market is a lot different now versus CCIV/LCID times.