However, of the two, GELYY stock volumes are a little higher. The technical storage or access that is used exclusively for anonymous statistical purposes. 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. Polestar looks to be a nich brand, which makes GGPI stock attractive here. It previously said it has another model in development called the Precept, which is a larger sedan. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. He particularly enjoys creating model portfolios that stand the test of time. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. The technical storage or access that is used exclusively for statistical purposes. Create your Watchlist to save your favorite quotes on Nasdaq.com. It may not be until the supply chain issues are resolved. 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. API access to institutional grade SPAC database. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. 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. 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. 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. Theres even room for more lines. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. 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. 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. That company provides digital twins of properties. 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. Do this now. Mergers and Acquisitions Lightspeed Commerce Oper Chief Brandon Nussey Steps Down Shopping at Kroger can be up to four times cheaper than eating out, CEO says ACI 0.00% Broadcom stock moves. Again, such middling performance could carry on, before and after the deal closing. What happens to my Social Security benefit if my husband dies? 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. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). See here for a complete list of exchanges and delays. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. The focus was entirely on internal combustion-powered vehicles. Right now investors are paying. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. [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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). 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. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). 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. The Polestar deal will be supported. 1125 N. Charles St, Baltimore, MD 21201. February 28, 2023. Ventoux CCM Acquisition Corp. . Recently, I also suggested that, That company provides digital twins of properties. It could continue to deliver similar performance in the short-term. SPAC Merger. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. The technology is used widely in the vacation rental industry. Join the Conversation! Moreover, Polestar put together a very good slide deck presentation . 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. Still think GGPI is undervalued. 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. 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. Transaction is expected to be completed in the second quarter of 2022. Im 66, we have more than $2 million, I just want to golf can I retire? 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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Create an account to follow your favorite communities and start taking part in conversations. Intraday Data provided by FACTSET and subject to terms of use. A recovery may not happen until the market has absorbed the changes in economic and market conditions. 1125 N. Charles St, Baltimore, MD 21201. Amidst production hiccups at rivals, Polestar is delivering. Anticipation on GGPI/Polestar merger. 2023 InvestorPlace Media, LLC. However, if you own, for China, South Carolina and Europe. Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. Both stocks are thinly traded over the counter. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. An alternative to Tesla. Aug. 17 2021, Published 3:11 p.m. Written by Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). However, over a longer timeframe, it could zoom to price levels well above $20 per share. Its safe to say this isnt the best market for an EV company to debut. Historical and current end-of-day data provided by FACTSET. We continue to view GGPI shares as undervalued heading into the merger. 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. Merging with Colombier Acquisition in $200M Deal. Navigating stock market volatility since it all began in 2000. Hertz pushing to be the largest EV rental fleet, adding zero emission models. Ends. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. The volatility amongst EV manufacturers has been significant in the second half of 2021. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. read more. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. The decision is yours to make. All rights reserved. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. did not have (either directly or indirectly) any positions in the securities mentioned in this article. This particular EV play is appealing for two reasons. Data is a real-time snapshot *Data is delayed at least 15 minutes. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). It will also have a more daring design, InsideEVs reported Ingenlaths comments. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. . 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. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. The Company has selected December 31 st as its fiscal year-end. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. We use cookies to optimize our website and our service. The EV just looks nice. All quotes delayed a minimum of 15 minutes. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). 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. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. from 8 AM - 9 PM ET. Ultimately, Tyler felt that waiting could get you a better entry point. 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. 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. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. 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. 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. Our 3 Top Picks. in July and Gores brought $310 million in cash to the deal after redemptions. Plus500. The vehicles will be produced at its new factory in Casa Grande, Arizona. Type a symbol or company name. At least, based on its success so far, and on future projections. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. Im a big believer in Alec Gores, the chairman behind this SPAC. All rights reserved. Enthusiasm about the. BA sits down with Aria Glasgow, Head of ESG Advisory at Aon, to discuss the intersection ESG and Human Capital and the risk for corporates. Type a symbol or company name. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. As we move into the merger vote, we think GGPI should be trading closer to $20. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Post-merger, itll have a market capitalization of $21.8 billion. 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 expects to produce 65,000 in 2022 and 290,000 annually by 2025. 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 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 December, its currently down almost 16%. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Owner Earnings per Share (TTM) explanation, calculation, his Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Also, dont base a decision to buy or not just on a surface level view of the company. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. 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. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. 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. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. It doesnt matter if you have $500 in savings or $5 million. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. 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. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. 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. And Im not the only one. 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. In what stands to be a pivotal year for the future of the market, we recap January. 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. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Joel Baglole for The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. SPAC Merger. . either via e-mail at [emailprotected] or by telephone at (212) 971-1341. But its a very different market now, amidst a more tepid outlook for growth stocks. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Based on a $49K starting price, the deal is valued at ~$3.2B. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Privacy Notice | The company is an established EV maker outside the U.S. but not headquartered in China. files S-4 for merger with Blade Therapeutics (BBTX). Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. 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. Cuando utilizas nuestros sitios y aplicaciones, usamos. Will Ashworth has written about investments full-time since 2008. We earn $400,000 and spend beyond our means. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. The deal is expected to close later today. However, GGPI stock drifted. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. The deal announcement stated it would close before June 30, 2022. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Deal Announcement for ISAA /HYPEBEAST . After the merger, the combined entity. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Copyright 2023 InvestorPlace Media, LLC. Amidst a proxy fight with Trian, Walt Disney Co. (DIS) announced that it will cut ~7k jobs as part of a $5.5B cost savings plan. Cision Distribution 888-776-0942 While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. Investors also like the fact a global automotive giant backs Polestar. Provided by Benzinga Since. 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. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 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. Lifes a beach for this Florida FIRE couple, Cant take statins? 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. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. Oklahoma's governor set a special vote for March 7 after a pot referendum was pulled off the November ballot, and in Pennsylvania, a lawmaker launched new bill. It is free and there is no cost or obligation to you. While EV stocks were hot as recently as last fall, thats far from the case today. 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. Nordstroms off-price Rack stores are struggling. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. company, and Gores Guggenheim, Inc. ("Gores Guggenheim") (Nasdaq: GGPI, GGPIW and GGPIU), a special purpose acquisition company ("SPAC") formed by affiliates of The Gores Group and Guggenheim Capital, LLC, announced today that they have entered into a definitive business combination agreement (the "Business Combination Agreement"). Its beginning dates back to 1996. Im a big believer in Alec Gores, the chairman behind this SPAC. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. 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.
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