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. 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 focus was entirely on internal combustion-powered vehicles. Yet while its made this major progress, its not resulting in a big move for shares. The Polestar deal will be supported. Ultimately, Tyler felt that waiting could get you a better entry point. 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Defends Financial Benefits of IAA Deal. Cuando utilizas nuestros sitios y aplicaciones, usamos. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). 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. The deal announcement stated it would close before June 30, 2022. Historical and current end-of-day data provided by FACTSET. It will also have a more daring design, InsideEVs reported Ingenlaths comments. 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. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Im a big believer in Alec Gores, the chairman behind this SPAC. 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. 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. Its a New Era for Tech Stocks. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. Then I realized it was just a survey. Since the Swedish electric vehicle (EV) manufacturer announced its merger. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. All rights reserved. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. However, thats an entirely different subject than whether you should buy GGPI at todays prices. 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. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. In December, its currently down almost 16%. See here for a complete list of exchanges and delays. Anticipation on GGPI/Polestar merger. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. That company provides digital twins of properties. 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. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. API access to institutional grade SPAC database. . 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. So far this year, there have only been 11 SPAC listings valued at $25 million or more. It previously said it has another model in development called the Precept, which is a larger sedan. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Its opening more of them anyway. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. And Im not even a total car geek. However, over a longer timeframe, it could zoom to price levels well above $20 per share. 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. 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. February 28, 2023. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. 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. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). 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. Copyright 2023 MarketWatch, Inc. All rights reserved. Because if it runs as Polestar it will do so premarket. Nordstroms off-price Rack stores are struggling. Copyright I also said that, at these prices, GGPI stock would seem like a steal in a few years. Initial orders are for the Polestar 2 sedan. First, despite its also-ran reputation, its one of the more promising early stage names in this space. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. 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. You might even get a better price in the process.. Approval of the SPAC deal was widely expected. Press question mark to learn the rest of the keyboard shortcuts. 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. Joel Baglole for Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. 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. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Source: Jeppe Gustafsson / Shutterstock.com. $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 Despite being outside the top 10, its a reasonable amount of exposure. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Create an account to follow your favorite communities and start taking part in conversations. The volatility amongst EV manufacturers has been significant in the second half of 2021. He lives in Halifax, Nova Scotia. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Data is a real-time snapshot *Data is delayed at least 15 minutes. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Navigating stock market volatility since it all began in 2000. 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. Why Chubb Stock Is a Buy. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. Hertz pushing to be the largest EV rental fleet, adding zero emission models. Build your trading network; Follow your favorite assets . Aug. 17 2021, Published 3:11 p.m. 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. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. Right now investors are paying. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Ventoux CCM Acquisition Corp. . For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. But its a very different market now, amidst a more tepid outlook for growth stocks. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Got a confidential news tip? Lifes a beach for this Florida FIRE couple, Cant take statins? The company is headquartered in Sweden but manufactures its EVs in China. 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. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Second, it currently trades at an attractive valuation relative to its prospects. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. 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 is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Type a symbol or company name. It may not be until the supply chain issues are resolved. Still think GGPI is undervalued. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. The deal relates primarily to the EV makers Model 3. 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. Polestars listing gives investors access to an interesting opportunity, however. Its beginning dates back to 1996. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. 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. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. We want to hear from you. Real-time alerts, yields, red flags, filings, investors, and much more. 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. Intraday Data provided by FACTSET and subject to terms of use. I entered GGPI and will increase my position tomorrow tho. Under the terms of the agreement, GGPI . Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. What happens to my Social Security benefit if my husband dies? Owner Earnings per Share (TTM) explanation, calculation, his It was a slower month to kick off the year for SPACs. The EV just looks nice. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. 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. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. 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. News, Media, rumors,and general discussion topics are welcome! Accumulated other comprehensive incom Type a symbol or company name. Ive learned in recent years that businesses operating in the middle have less chance of success. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. 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.
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