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And Im not even a total car geek. Data is a real-time snapshot *Data is delayed at least 15 minutes. Enthusiasm about the. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. 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. 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. EV maker Polestar going public via a SPAC with Gores Guggenheim. Do this now. Polestar / Gores Guggenheim Inc.(GGPI) made a splash this morning, announcing a partnership with Hertz (HTZ) that includes purchasing up to 65,000 electric vehicles (EVs) over five years. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. At writing, its at $9.97 per share, just a penny above its debut price. Polestar touts an asset-light business model as a key differentiator by having existing productions lines provided by backers Volvo and Geely, so it can focus on investing in research. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. Silicon Valley Confronts the End of Growth. SPAC Merger. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. GGPI Stock News. Based on a $49K starting price, the deal is valued at ~$3.2B. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. EQT Buys Majority Stake in South Korean Security Provider SK Shieldus, Nagarro 4Q Ebitda Rose; Backs 2023 Outlook, SFS Group 2022 Sales Rose Boosted By Hoffman Acquisition, Ipsen Completes Acquisition of Albireo Pharma. Since the Swedish electric vehicle (EV) manufacturer announced its merger with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. . The Gores Group led by chairman Alec Gores and CEO Mark Stone announced the deal between Gores Guggenheim Inc (NASDAQ: GGPI) and electric vehicle company Polestar. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Place to discuss GGPI and Polestar. Gores Guggenheim Stock News and Forecast: GGPI stock sets - FXStreet Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). 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Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. However, GGPI stock drifted. GGPI / Polestar gaining momentum on 5-Year HTZ Deal Anyways we could very well see 20-30$. The premium EV maker's offering includes two models a hybrid performance car known as Polestar 1 and a fully electric Polestar 2 which are currently on roads across Europe, North America and Asia. 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. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. Ventoux CCM Acquisition Corp. . For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Copy and paste multiple symbols separated by spaces. Visit a quote page and your recently viewed tickers will be displayed here. 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. However, if you own, for China, South Carolina and Europe. 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. Mergers and Acquisitions news coverage - MarketWatch The company is headquartered in Sweden but manufactures its EVs in China. GGPI / Polestar trades higher on HTZ deal . 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. He lives in Halifax, Nova Scotia. 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. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Second, it currently trades at an attractive valuation relative to its prospects. As you might be aware, post-merger, Polestars existing shareholders will own, . 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. The focus was entirely on internal combustion-powered vehicles. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. 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. GGPI Stock Will Pop Post Merger, But There's 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. 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. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger Intraday data delayed at least 15 minutes or per exchange requirements. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Right now investors are paying. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. 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. SPAC Merger. Share of GGPI closed up 12% today on news that the company has a deal . The technical storage or access that is used exclusively for statistical purposes. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. 7 Tech Stocks Worth Snatching Up After Their Tumble. 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. However, thats an entirely different subject than whether you should buy GGPI at todays prices. So naturally, theCEO had a lot to say on the subject. Our 3 Top Picks. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Got a confidential news tip? Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. [I]f a stock is destined to be a long-term winner (five to 10 years out), there is no rush to run out and buy it. Gores Guggenheim went public with its initial public offering (IPO) in March. Sign up for free newsletters and get more CNBC delivered to your inbox. The Gravity performance luxury SUV is expected to come to market in North America in 2023. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Its a New Era for Tech Stocks. Despite being outside the top 10, its a reasonable amount of exposure. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Heres what investors should know moving forward. The transaction is expected to close in the first half of the year. In December, its currently down almost 16%. 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. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. After the merger, the combined entity. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Press question mark to learn the rest of the keyboard shortcuts. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). 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. Prior results do not guarantee a similar outcome with respect to any future matter. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. Insurance Doesnt Have to Be Boring. Provided by Benzinga Since. Its beginning dates back to 1996. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. Transaction is expected to be completed in the second quarter of 2022. 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. 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. 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. Ive learned in recent years that businesses operating in the middle have less chance of success. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. While EV stocks were hot as recently as last fall, thats far from the case today. See here for a complete list of exchanges and delays. Banjo player, artist, and frittata-maker. The technology is used widely in the vacation rental industry. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Pending SPAC Mergers - Stock Market MBA Yet while its made this major progress, its not resulting in a big move for shares. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. 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. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. 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. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). You might even get a better price in the process.. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Still think GGPI is undervalued. Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Initial orders are for the Polestar 2 sedan. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. The factors still affecting EV stock performance could carry on in the months ahead. 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. Nasdaq That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. 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. March 1, 2023. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Hertz pushing to be the largest EV rental fleet, adding zero emission models. 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. These symbols will be available throughout the site during your session. Critics of the practice include Warren Buffett. Since the Swedish electric vehicle (EV) manufacturer announced its merger. 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. Don't take it as financial . Polestars listing gives investors access to an interesting opportunity, however. However, according to Volvo, only 100 were made in the initial year. Will Ashworth has written about investments full-time since 2008. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . Lifes a beach for this Florida FIRE couple, Cant take statins? GGPI Gores Guggenheim Inc - Ordinary Shares - Class A But its a very different market now, amidst a more tepid outlook for growth stocks. Heres why you should consider them. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Attorney Advertising. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim Inc, assuming no share redemptions by public stockholders of the blank-check firm. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. He particularly enjoys creating model portfolios that stand the test of time. In 2015, Volvo acquired Polestars high-performance business. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. The decision is yours to make. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. 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.