Anticipation on GGPI/Polestar merger. It was a slower month to kick off the year for SPACs. 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. 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. Im a big believer in Alec Gores, the chairman behind this SPAC. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. 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. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Subscriber Agreement & Terms of Use | InvestorPlace - Stock Market News, Stock Advice & Trading Tips. files S-4 for merger with Blade Therapeutics (BBTX). The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Valuation remains discounted, in our view, at an implied market cap of $26.1 billion ($12.40 and 2.125B shares outstanding), which implies 3.9x 2023E sales. Moreover, Polestar put together a very good slide deck presentation . 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. Instead, get to know the company a little better. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. The critical distinction about Polestar is that its not a startup. Anticipation on GGPI/Polestar merger. 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. Im 66, we have more than $2 million, I just want to golf can I retire? Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Merger : GGPI - Reddit Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. And Im not even a total car geek. Nasdaq Deal Announcement for ISAA /HYPEBEAST . 7 Tech Stocks Worth Snatching Up After Their Tumble. 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. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. 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. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Therefore, it might make sense to buy now before the merger, rather than afterwards. The deal is expected to close later today. However, of the two, GELYY stock volumes are a little higher. 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. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. 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. Market is a lot different now versus CCIV/LCID times. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. The focus was entirely on internal combustion-powered vehicles. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Banjo player, artist, and frittata-maker. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. GGPI shares starting to regain momentum ahead of merger vote. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. 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. . All quotes are in local exchange time. Critics of the practice include Warren Buffett. Got a confidential news tip? Amidst production hiccups at rivals, Polestar is delivering. Accumulated other comprehensive incom 1125 N. Charles St, Baltimore, MD 21201. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. 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. It is free and there is no cost or obligation to you. 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. The Gravity performance luxury SUV is expected to come to market in North America in 2023. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. 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. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday Data provided by FACTSET and subject to terms of use. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Its beginning dates back to. Defends Financial Benefits of IAA Deal. Press question mark to learn the rest of the keyboard shortcuts. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. 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. Buy GGPI Before The Merger With Polestar - SeekingAlpha That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. Transaction is expected to be completed in the second quarter of 2022. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. , including Geely at a 3.22% weighting. 1125 N. Charles St, Baltimore, MD 21201. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. 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.. Its opening more of them anyway. 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. Sign up below to get this incredible offer! 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 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. 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. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Its a New Era for Tech Stocks. In 2015, Volvo acquired Polestars high-performance business. 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. While EV stocks were hot as recently as last fall, thats far from the case today. 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. A recovery may not happen until the market has absorbed the changes in economic and market conditions. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Recently, I also suggested that, That company provides digital twins of properties. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. Gores Guggenheim (GGPI): Polestar Merger Should Entice EV Bulls 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. Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans You might even get a better price in the process.. Since the Swedish electric vehicle (EV) manufacturer announced its merger. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. . 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. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch Enthusiasm about the. Cookie Notice (). Copyright 2023 InvestorPlace Media, LLC. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Copyright 2023 MarketWatch, Inc. All rights reserved. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. SPAC Merger. The transaction is expected to close in the first half of the year. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. The deal announcement stated it would close before June 30, 2022. PublicSq. 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. The vehicles will be produced at its new factory in Casa Grande, Arizona. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. 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. In the six weeks since, its moved sideways. [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. 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. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. Create your Watchlist to save your favorite quotes on Nasdaq.com. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Polestar Announces 270-Mile EPA Range, Power Upgrades, and Efficiency Written by Ive learned in recent years that businesses operating in the middle have less chance of success. 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. Many EV enthusiasts see its focus on performance vehicles as a differentiator. GGPI Stock News. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. Joel Baglole for Build your trading network; Follow your favorite assets . A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. 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. 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. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Attorney Advertising. On July 8,. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim Inc, assuming no share redemptions by public stockholders of the blank-check firm. EQT Buys Majority Stake in South Korean Security Provider SK Shieldus, Nagarro 4Q Ebitda Rose; Backs 2023 Outlook, SFS Group 2022 Sales Rose Boosted By Hoffman Acquisition, Ipsen Completes Acquisition of Albireo Pharma. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. An alternative to Tesla. Illusion versus reality. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. Historical and current end-of-day data provided by FACTSET. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Anyways we could very well see 20-30$. This relationship gives Polestar access to manufacturing in Chinas as well as facilities in Europe and the U.S. Geely has a 2022 target of 1.65 million vehicles. The Company has selected December 31 st as its fiscal year-end. Anywhere in between makes it harder to gain customer loyalty. See here for a complete list of exchanges and delays. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! 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. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Thats well above where it currently trades under the $11.50 level. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Stock Market | Daily Penny Alerts Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. 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. Share of GGPI closed up 12% today on news that the company has a deal . Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Featured. did not have (either directly or indirectly) any positions in the securities mentioned in this article. For the best MarketWatch.com experience, please update to a modern browser. ggpi-10q_20210630.htm 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. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. 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. 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. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. Will Ashworth has written about investments full-time since 2008. Sign up for free newsletters and get more CNBC delivered to your inbox. Join the Conversation! Instead, get to know the company a little better. 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 | DealFlow's SPAC News Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Mergers and Acquisitions news coverage - MarketWatch GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). . The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. API access to institutional grade SPAC database. The funding will be used to. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Type a symbol or company name. The transaction is expected to close in the first half of the year. However, according to Volvo, only 100 were made in the initial year. quotes delayed at least 15 minutes, all others at least 20 minutes. We continue to view GGPI shares as undervalued heading into the merger. Nordstroms off-price Rack stores are struggling. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. On the date of publication, Will Ashworth. It could continue to deliver similar performance in the short-term. The decision is yours to make. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Owner Earnings per Share (TTM) explanation, calculation, his Plus500. This browser is no longer supported at MarketWatch. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC Our Standards: The Thomson Reuters Trust Principles. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Navigating stock market volatility since it all began in 2000. Thats especially the case with GGPI stock. He lives in Halifax, Nova Scotia. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Pending SPAC Mergers - Stock Market MBA 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. I share my.