GGPI / Polestar trades higher on HTZ deal . 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. From the day the Polestar 1 was launched, I have been a fan of the brands designs. Accumulated other comprehensive incom The transaction is expected to close in the first half of the year. These symbols will be available throughout the site during your session. Whats our next move? Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. 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. 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. However, it was what he said Polestar is and isnt that caught my attention. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. 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. At writing, its at $9.97 per share, just a penny above its debut price. Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News The decision is yours to make. The opinions expressed in this article are those of the writer, subject to the, 5 Hypergrowth Stocks With 10X Potential in 2023, Robert Bollinger: Meet the Man Behind Mullens Push Into Commercial EVs, A.I. Instead, get to know the company a little better. All quotes are in local exchange time. 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 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. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. This deal received tremendous fanfare as the single-largest ever purchase for electric cars for 100,000 vehicles as well as a partnership with Uber (UBER) to provide 50,000 of those vehicles to its delivery drivers. Despite being outside the top 10, its a reasonable amount of exposure. Higher interest rates aren't deterring companies with high credit ratings from borrowing in the U.S. corporate bond market at a record clip in 2023. Both stocks are thinly traded over the counter. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Will GGPI Stock Spike After the Polestar Merger Announcement? SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. 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. Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. 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. Written by Aug. 17 2021, Published 3:11 p.m. While EV stocks were hot as recently as last fall, thats far from the case today. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). 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. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. Copy and paste multiple symbols separated by spaces. Because if it runs as Polestar it will do so premarket. (C) 2021 Monteverde & Associates PC. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Type a symbol or company name. The Polestar deal will be supported. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. 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. About the Car Design Award. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 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. ggpi-10q_20210630.htm 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. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. 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 Gravity performance luxury SUV is expected to come to market in North America in 2023. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Gores Guggenheim went public with its initial public offering (IPO) in March. . 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. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. Will Ashworth has written about investments full-time since 2008. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Anticipation on GGPI/Polestar merger. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. The critical distinction about Polestar is that its not a startup. The funding will be used to. Moreover, Polestar put together a very good slide deck presentation . In 2014, it mass-produced both the S60 and V60 for sale in eight markets. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. Under the terms of the agreement, GGPI . 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. Anywhere in between makes it harder to gain customer loyalty. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Insurance Doesnt Have to Be Boring. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Gores Guggenheim (GGPI): Polestar Merger Should Entice EV Bulls PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. 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. Buy GGPI Before The Merger With Polestar - SeekingAlpha GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. The EV just looks nice. The technical storage or access that is used exclusively for anonymous statistical purposes. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). 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. Intraday Data provided by FACTSET and subject to terms of use. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Cookie Notice (). As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. In December, its currently down almost 16%. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Im a big believer in Alec Gores, the chairman behind this SPAC. Merger : GGPI - Reddit In the six weeks since, its moved sideways. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace Yet while its made this major progress, its not resulting in a big move for shares. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. 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. It is free and there is no cost or obligation to you. Heres why you should consider them. 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. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. At $11.20 it's $24 billion. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 2023 CNBC LLC. Many EV enthusiasts see its focus on performance vehicles as a differentiator. 2023 InvestorPlace Media, LLC. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. GGPI Stock Will Pop Post Merger, But There's Still Time to Buy Merging with Colombier Acquisition in $200M Deal. read more. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC All rights reserved. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). For the best MarketWatch.com experience, please update to a modern browser. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). It doesnt matter if you have $500 in savings or $5 million. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Thats especially the case with GGPI stock. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. Copyright 2023 MarketWatch, Inc. All rights reserved. Instead, it would be a niche producer of EVs. 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. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube 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. The deal announcement stated it would close before June 30, 2022. Ive learned in recent years that businesses operating in the middle have less chance of success. quotes delayed at least 15 minutes, all others at least 20 minutes. It may not be until the supply chain issues are resolved. Still think GGPI is undervalued. Type a symbol or company name. Historical and current end-of-day data provided by FACTSET. The company is headquartered in Sweden but manufactures its EVs in China. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. Joel Baglole for Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. 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. Shares of GGPI are down a little over 2% as of this writing. Deal Announcement for ISAA /HYPEBEAST . What happens to my Social Security benefit if my husband dies? Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . And Im not the only one. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. 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. Polestar looks to be a nich brand, which makes GGPI stock attractive here. Market is a lot different now versus CCIV/LCID times. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. 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. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. A buy under $10 would be an excellent entry point, in my opinion. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. GGPI / Polestar gaining momentum on 5-Year HTZ Deal PublicSq. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. The focus was entirely on internal combustion-powered vehicles. Real-time alerts, yields, red flags, filings, investors, and much more. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. 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 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. SPAC Merger. PDF Polestar Signs Agreement to be Publicly Listed Through Combination with But its a very different market now, amidst a more tepid outlook for growth stocks. 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. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Then I realized it was just a survey. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. 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's listing plan comes as automakers shift their focus to environment-friendly vehicles, amid rising pressure from lawmakers and investors concerned about climate change. Its opening more of them anyway. Attorney Advertising. Will Ashworth has written about investments full-time since 2008.
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